Nano-Textile has filed to raise $3 million on Wall Street's OTC (over-the-counter) market at a company value of $11 million. Based in Nahariya in northern Israel, the company will issue 30 million shares at $0.10 each including an offer to sell 21.1 million shares for $2.1 million by all the company's shareholders.
This is an underwritten self-offering without employing underwriters meaning that the company itself is responsible for marketing its shares. Officially defined by the US Securities and Exchange Commission (SEC) as a growth company, the reporting requirements on the company are much more straightforward than for most companies.
The company was founded in December 2013 as bacterial Textiles and changed its name to Nano-Textiles in September 2014. The company has developed an anti-bacterial solution for the textiles industry. Last June, the company signed a licensing agreement with the R&D arm of Bar Ilan University which holds a patent related to the production process for the textile industry (primarily discovery of a particular chemical for use in the process) developed by Prof. Aharon Gedanken.
Nano-Textile has developed textiles for hospital bed linen and for the clothing of medical staff and patients. The aim is to prevent bacterial infections in hospitals. In the US alone 1.7 million pick up infections each year in hospitals.
Published by Globes [online], Israel business news - www.globes-online.com - on February 8, 2015
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