Save Foods Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Save Foods (Nasdaq: SVFD) announced its intention to conduct an underwritten public offering of its common stock, with all shares sold by the Company. ThinkEquity serves as the sole book-running manager. The offering's size and timeline are contingent on market conditions, and underwriters may be granted a 45-day option to purchase an additional 15% of shares to cover over-allotments. This will be executed under a previously filed shelf registration statement with the SEC. Interested parties are encouraged to review the prospectus for detailed information.

Positive

• The offering aims to raise capital, potentially for growth initiatives.
• Underwriters may purchase an additional 15% of shares, indicating market interest.

Negative

• Dilution of existing shares may occur due to the offering.

Neve Yarak, Israel, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Save Foods, Inc. (Nasdaq: SVFD) (“Save Foods” or the “Company”), an agri-food tech company specializing in eco crop protection that helps to reduce food waste and ensure food safety while reducing the use of pesticides, today announced that it intends to offer to sell shares of its common stock in an underwritten public offering. All of the shares of common stock are to be sold by the Company.

ThinkEquity is acting as sole book-running manager for the offering.

The Company expects to grant the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of common stock sold in this offering to cover over-allotments, if any. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-266159), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 15, 2022 and declared effective on July 22, 2022. The offering will be made only by means of a written prospectus. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering has been or will be filed with the SEC on its website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from the offices of ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004, by telephone at (877) 436-3673 or by email at prospectus@think-equity.com. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 such state or jurisdiction.

About Save Foods

Save Foods (Nasdaq: SVFD) is an innovative, dynamic company addressing two of the most significant challenges in the agri-food tech industry: food waste and loss and food safety. We are dedicated to delivering integrated solutions for improved safety, freshness and quality, every step of the way from field to fork. Collaborating closely with our customers, we develop new solutions that benefit the entire supply chain and improve the safety and quality of life of both the workers and the consumers alike. Our initial applications are in post-harvest treatments in fruit and vegetable packinghouses processing produce including citrus, avocado, pears, apples and mangos.

For more information visit our website: https://savefoods.co/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, we are using forward-looking statements in this press release when we discuss, among other things, commercial pilots in Peru with several leading exporters, the potential of the Peruvian market and the benefits of our products. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions and the satisfaction of all conditions to, and the closing of, the offering, as well as those discussed under the heading “Risk Factors” in Save Foods’ Annual Report on Form 10-K filed with the SEC on March 31, 2022, Form 10-Q filed with the SEC on May 16, 2022 and August 15, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.

For Investor Relations Inquiries:
Media Contact:

IR@savefoods.co

US Investor Relations: 
Dave Gentry 
RedChip Companies Inc. 
1-800-RED-CHIP (733-2447) 
Or 407-491-4498 
SVFD@redchip.com

German Investor Relations:
Dr Eva Reuter
e.reuter@dr-reuter.eu

FAQ

What is Save Foods planning regarding its stock offering on August 15, 2022?

Save Foods announced an intention to conduct an underwritten public offering of its common stock, with all shares sold by the Company.

Who is managing the public offering for Save Foods?

ThinkEquity is acting as the sole book-running manager for the offering.

What are the terms of Save Foods' stock offering?

The offering's size and timing depend on market conditions, and underwriters may obtain a 45-day option to purchase an additional 15% of shares.

Where can investors find more information about the Save Foods stock offering?

Investors can access a preliminary prospectus supplement and accompanying prospectus filed with the SEC for detailed information.

What is the potential impact of Save Foods' stock offering on existing shareholders?

The stock offering may lead to dilution of existing shares, impacting shareholder value.