SuperCom to sell 545,454 shares at $11.00 in registered direct offering

SuperCom (SPCB) announced that it has entered into securities purchase agreements with certain institutional investors to purchase 545,454 ordinary shares in a registered direct offering at a purchase price of $11.00 per ordinary share. The gross proceeds to SuperCom from the offering are estimated to be approximately $6M before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about January 31, subject to the satisfaction of customary closing conditions. SuperCom intends to use net proceeds from this offering for working capital, research and development, potential acquisitions and other general corporate purposes. Maxim Group is acting as the sole placement agent in connection with the offering.