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MySize raises $6m, share falls 20%

MySize
MySize
1 Feb, 2018 16:02
שלח תגובה במיילShiri Habib-Valdhorn

Launching its technology at CES and meeting Nasdaq's listing requirements pushed the company's share up in recent weeks.

Five weeks after raising $2.5 million, MySizeID (Nasdaq:MYSZ; TASE:MYSZ) yesterday announced that it had raised $6 million in another financing round. The round was at a 16.7% discount on Tuesday's closing price. The company's share price plunged 20% yesterday on Nasdaq and fell by more than 7% on the Tel Aviv Stock Exchange (TASE), after having lost 24.4% in the two preceding days of trading.

MySize, which has developed a mobile phone app for clothing measurements, issued three million ordinary shares at $2 per share. Investors in the round also received five-year options to purchase an aggregate 1.5 million ordinary shares at a $2.65 exercise price. The exercise price is 38% higher than the company's current share price.

MySize said that it was planning to use the money from its latest financing round to repay debt, for working capital, and other purposes. The underwriter for the offering was Roth Capital, which was also the underwriter for the company's offering in December and its raising of short-term debt in October.

MySize's market cap is $45 million, following a 68% drop in its share price over the past year. The company's share price is volatile, having fluctuated between $0.65 and $11 during the past year. In recent weeks, before the current financing round, the trend in the company's share was positive, following the launch of its technology at the CES technology exhibition and the company's meeting all the requirements for continuation of its share's listing on Nasdaq. MySize had received a warning letter from Nasdaq on the matter. The share price for MySize's preceding financing round five weeks ago was $0.85. At the end of the third quarter, before its last two financing rounds, MySize had only $14,000 in cash.

Published by Globes [online], Israel Business News - www.globes-online.com - on February 1, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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