By Chris Wack
Innoviz Technologies shares were down 17% at $1.32 after the company entered into a direct offering with certain institutional investors for the purchase and sale of 28.8 million units at $1.39 a unit.
The automobile technology company said each unit consists of one ordinary share and eight tenths of a warrant to buy one ordinary share.
The warrants will be immediately exercisable at $1.69 a share and will expire five years from the date of issuance. The ordinary shares and warrants are immediately separable and will be issued separately.
The offering is expected to close Tuesday.
The proceeds of the offering are expected to be $40 million, before placement agent fees and estimated offering expenses, and assuming no exercise of any warrants.
Innoviz intends to use the proceeds that it will receive from the offering for general business purposes.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 10, 2025 09:59 ET (14:59 GMT)
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