The company will issue 1.94 million shares at $2.58 per share, 16% below the market price.
Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) will raise $5 million in a private placement. The company will issue 1.94 million shares at $2.58 per share, 16% below the market price. The company will also issue warrants for 1.45 million addition shares at an exercise price of $3.05 per share, 2% above yesterday’s closing price. The price per share reflects the average share price in the last 70 trading days. The share fell 4% on the Tel Aviv Stock Exchange (TASE) by mid-afternoon in response to the news.
Nova said that it had reached agreement for the placement with several shareholders, adding that the securities have not been registered under the Securities Act of 1933, and may not be offered or sold in the US. The company detailed other conditions applicable to the placement and the securities.
Rehovot-based Nova Measuring Instruments develops and produces stand-alone metrology solutions for the semiconductor industry. Nova president and CEO Gabi Seligsohn took up his post in mid-2006 after company founder Giora Dishon retired. Dishon is still a member of Nova’s board.
Nova’s share has risen 65% in the past six months to almost $3 on Nasdaq, giving a market cap of $50 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 1, 2007
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