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(Alliance News) - BATM Advanced Communications Ltd said after the market close Monday it intends to raise at least USD15 million - or GBP11.8 million - through a discounted share placing at 42.5 pence each.
Shares in BATM closed unchanged at 45.00 pence each in London on Monday.
"Over the past three years, we have been made investments in our businesses that have enabled us to produce differentiated and best-in-class products that are now entering the commercialisation phase," BATM Chief Executive Officer Zvi Marom said.
"In our Networking & Cyber division, we established a partnership with Arm to develop a network function virtualisation ecosystem based on their Neoverse architecture - becoming the only worldwide software vendor to provide NFV functionality to Arm and Intel platforms," Marom added.
"The net proceeds of the proposed fundraise are expected to be utilised primarily to advance our NFV," Marom continued. "Specifically, one of the main use of funds is to accelerate current NFV development projects with Arm as well as new product and use case development for 5G networks, which we believe is a key growth area for BATM in the short to medium term."
Of the placing - to be undertaken through an accelerated bookbuild - 90% of funds will be used for the Networking & Cyber unit, with the remainder being used for its Bio-Medical unit. The fundraise is expected to complete next Monday.
In addition, BATM explained it was "exploring" the potential for a dual-listing on the Tel Aviv Stock Exchange in order to "benefit from access to a wide range of investors and to create greater value for all shareholders."