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Private placements (Securities)

SMX Closes Private Placement of $5.35 Million, Announces Registration of Securities with SEC

Strategic Insights

— 1 min read

SMX, a pioneer in digitizing physical objects for a circular economy, has announced the successful closing of its previously announced private placement of approximately $5,350,000 of Ordinary Shares and pre-funded and investor warrants. The offering consisted of the sale of 5,350,000 Common Units, each consisting of one Ordinary Share or Pre-Funded Warrant and two Series A Common Warrants, and one Series B Common Warrant. The public offering price per Common Unit was $1.00, with aggregate gross proceeds to the Company totaling approximately $5,350,000.

Key Takeaways:

  • The private placement raised approximately $5,350,000 for SMX to be used for general corporate purposes and working capital.
  • The offering consisted of the sale of 5,350,000 Common Units, each with a public offering price of $1.00.
  • The Company has agreed to file one or more registration statements with the SEC covering the resale of the Ordinary Shares and the Shares issuable upon exercise of the pre-funded warrants and warrants.
  • SMX expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.
  • Aegis Capital Corp. acted as lead Placement Agent for the private placement, with ClearThink Securities as co-Placement Agent.
  • Dickinson Wright, Ruskin Moscou Faltischek, PC, and Arthur Cox acted as counsel to the Company, while Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.

Statistics:

  • The private placement raised approximately $5,350,000.
  • The offering consisted of the sale of 5,350,000 Common Units.
  • The public offering price per Common Unit was $1.00.
  • Aggregate gross proceeds to the Company totaled $5,350,000.
  • 20%, or $1,072,000, of the gross proceeds are being held in escrow to satisfy potential obligations of the Company under the terms of the Warrants.

Sources:

  • Accesswire press release on September 12, 2024
  • SMX (Security Matters) Public Limited Company announcement on September 12, 2024
  • Report on Form 6-K filed in connection with the offering

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