Actelis Networks Completes $1 Million Private Placement

Actelis Networks, Inc. (NASDAQ:ASNS) is among the fundamentally strong penny stocks to invest in. On Thursday, Actelis Networks, Inc. (NASDAQ:ASNS) announced the completion of a previously disclosed private placement that secured nearly $1 million in gross proceeds before expenses.

With the price in line with the Nasdaq rules, the offering comprised 1,626,019 common stock shares at $0.615 per share, together with Series A-3 warrants to acquire as many as 1,626,019 additional shares and short-term Series A-4 warrants to purchase up to 3,252,038 shares.

Both warrants carry an exercise price of $0.615 per share and will be exercisable as soon as the shareholder approval is received. While the Series A-3 warrants expire five years after the approval, the Series A-4 warrants expire after 18 months. This means that Actelis Networks, Inc. (NASDAQ:ASNS) will receive roughly $3 million in additional gross proceeds, if and only if all warrants are fully exercised on a cash basis.

This placement comes at a crucial time, with the stock volatility at its high. However, the purpose of this transaction is what keeps the investors’ interest. Actelis Networks, Inc. (NASDAQ:ASNS) has revealed plans to use the proceeds as working capital for general corporate purposes.

Actelis Networks, Inc. (NASDAQ:ASNS) is a California-based company that focuses on the design, development, and commercialization of cyber-hardened, hybrid fiber networking solutions for Internet of Things (IoTs) and telecommunication governmental institutions and companies. From system integrators and distributors to contractors and resellers, the company serves a wide clientele.

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Disclosure: None.