MySize Inc. (NASDAQ: MYSZ) said it has entered into definitive agreements to raise approximately $2.5 million in gross proceeds through a private placement of its common stock and associated warrants.
Under the terms, the Airport City, Israel-based company agreed to sell 1,308,901 shares of common stock or pre-funded warrants at $1.91 per share. The offering also includes two series of warrants: Series C warrants to purchase up to 1,308,901 additional shares at an exercise price of $1.66 per share, exercisable immediately and lasting five years from the effective date of the resale registration statement, and Series D warrants covering the same number of shares at the same $1.66 exercise price, also immediately exercisable but with an 18-month term.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the transaction. MySize expects the offering to close on the same day as the announcement, subject to customary closing conditions.
The company said the proceeds will be used for general corporate purposes, including working capital. The securities are being offered pursuant to Section 4(a)(2) of the Securities Act of 1933 and Regulation D. MySize has agreed to file one or more registration statements with the SEC covering the resale of the unregistered securities sold in the offering.
