My Size, a company that has developed an app for measuring a person's size using a smartphone, making it easier to buy clothes online, has completed NIS 10.5 million fund raising round. The fund raising was aimed at meeting threshold conditions for listing on Nasdaq.
My Size is traded on the Tel Aviv Stock Exchange with a market cap of NIS 288 million, and it has been working on a Nasdaq listing for about a year. Because of the delay in obtaining a listing on Nasdaq, My Size recently announced its intention of listing on the AIM in London.
My Size raised the funds through a convertible loan. The loan can be converted to 771,000 My Size shares at $3.5 per share. The offering also includes 771,000 warrants with a strike price of $4.5.
The convertible loan does not bear interest, and is for eight months. Conversion will take place automatically when the company obtains a listing on a stock exchange in addition to the Tel Aviv Stock Exchange.
"This fund raising represents a significant milestone in the process of listing the company for trading on Nasdaq, and reflects investors' confidence in the path the company is taking and in the technology we are developing," said My Size CEO Ronen Luzon.
Published by Globes [online], Israel business news - www.globes-online.com - on January 11, 2016
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