The Israeli defense electronics company accepted purchase offers from Yelin-Lapidot, More, Noked Capital, Phoenix Insurance and others.
RADA Electronic Industries Ltd. (Nasdaq: RADA) today announced that it has raised $10 million from Israeli institutional investors. The Netanya based defense electronics company accepted purchase offers from Yelin-Lapidot Investment House, More Investment House, Noked Capital, The Phoenix Insurance Company and others to purchase 4,604,500 ordinary shares for $2.15 per ordinary share, or approximately $10 million in the aggregate.
A prospectus supplement relating to the offering is being filed by the company with the US Securities and Exchange Commission (SEC). RADA specializes in developing, manufacturing and marketing tactical land radars for force and border protection and avionics systems (including inertial navigation systems) for fighter aircraft and UAVs. Last week RADA announced it had received a strategic first $8 million order for dozens of Multi-Mission Hemispheric Radars (MHR) for the US military. RADA's 2016 revenue was $12.8 million with revenue of $10 million in the first half of 2017.
Published by Globes [online], Israel business news - www.globes-online.com - on August 21, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
RADA radar Photo: PR