Maris-Tech Ltd. Announces Pricing of $15.5 Million Initial Public Offering

Rhea-AI Summary

Maris-Tech Ltd. announced the pricing of its initial public offering (IPO) of 3,700,477 common and pre-funded units at $4.20 and $4.199 per unit, respectively. The IPO is estimated to generate approximately $15.5 million in gross proceeds, set to close on February 4, 2022. Aegis Capital Corp. has a 45-day option to purchase up to 15% more units to cover over-allotments. The ordinary shares and common warrants will commence trading on Nasdaq under symbols MTEK and MTEKW on February 2, 2022.

Positive

• Gross proceeds from the IPO are approximately $15.5 million, which could bolster financial standing.
• Potential total gross proceeds of up to $17.8 million if the over-allotment option is exercised.

Negative

• Dilution risk for existing shareholders due to the issuance of new shares.

REHOVOT, Israel, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Maris-Tech Ltd. (the “Company”), a B2B provider of intelligent video transmission technology, today announced the pricing of its initial public offering of 3,700,477 common units and pre-funded units. Each common unit is being offered at a public offering price per common unit of $4.20 and consists of one ordinary share and one warrant to purchase one ordinary share, with an initial exercise price of $5.25 per share. Each pre-funded unit is offered at a public offering price per pre-funded unit of $4.199 and consists of one pre-funded warrant to purchase one ordinary share, with an initial exercise price of $0.001 per share, and one warrant to purchase one ordinary share, with an initial exercise price of $5.25 per share. The gross proceeds of the offering are expected to be approximately $15.5 million before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on February 4, 2022, subject to satisfaction of customary closing conditions.

In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to such number of additional ordinary shares and/or pre-funded warrants, and/or common warrants, or any combination thereof, equal to 15% of number of units sold in the offering solely to cover over-allotments, if any. The purchase price to be paid per additional ordinary share or pre-funded warrant will be equal to the public offering price of one common unit or pre-funded unit (in each case, less $0.001 allocated to the warrants), as applicable, less the underwriting discount. The purchase price to be paid per additional warrant will be $0.001. If Aegis exercises the option to purchase only such warrants, additional proceeds will be nominal. If Aegis exercises the option in full for ordinary shares and/or pre-funded warrants, the total gross proceeds of the offering including overallotment are expected to be approximately $17.8 million before deducting underwriting discounts and commissions and offering expenses.

The ordinary shares and common warrants are expected to begin trading on The Nasdaq Capital Market on February 2, 2022, under the symbols “MTEK” and “MTEKW”, respectively.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

A registration statement on Form F-1 (No. 333-260670) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the "SEC") on February 1, 2022. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at syndicate@aegiscap.com, or by telephone at (212) 813-1010.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction

About Maris-Tech Ltd.

Maris-Tech is a B2B provider of intelligent video transmission technology, founded by veterans of the Israel technology sector with extensive electrical engineering and imaging experience. Our products are designed to meet the growing demands of commercial and tactical applications, delivering high-performance, compact, low power and low latency solutions to companies worldwide, including leading electro-optical payload, RF datalink and unmanned platform manufacturers as well as defense, HLS, and communication companies. For more information, visit https://www.maris-tech.com/.

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to close the offering of the securities; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in the Registration Statement and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations:
Dave Gentry, CEO
RedChip Companies
dave@redchip.com
1-800-733-2447

FAQ

What are the details of Maris-Tech Ltd.'s IPO on February 1, 2022?

Maris-Tech Ltd. announced an IPO of 3,700,477 units priced at $4.20 and $4.199 for common and pre-funded units, respectively. Gross proceeds are expected to be about $15.5 million.

What is the expected closure date for Maris-Tech's IPO?

The IPO is expected to close on February 4, 2022.

When will Maris-Tech's shares start trading on Nasdaq?

Maris-Tech's ordinary shares and common warrants are expected to begin trading on February 2, 2022, under the symbols MTEK and MTEKW.

How much could Maris-Tech potentially raise with its IPO if the overallotment is exercised?

If the overallotment option is fully exercised, total gross proceeds could reach approximately $17.8 million.