Integrated Media Technology Limited Announces Registered Direct Offering of Ordinary Shares
Rhea-AI Summary
Integrated Media Technology Limited (NASDAQ: IMTE) announced a registered direct offering of 708,000 ordinary shares at $6.50 per share, raising approximately $4.577 million after expenses. The transaction is set to close on March 25, 2021. Proceeds will be used for developing switchable glass, non-plated filters, and general working capital. Chairman Con Unerkov described the offering as a positive move to strengthen the company's capital base and enhance operations. The offering complies with the company's effective shelf registration statement filed with the SEC.
Positive
- Proceeds of approximately $4.577 million will support business development.
- Offering intended to strengthen the capital base and expand operations.
Negative
- Shareholder dilution risk due to the issuance of 708,000 new shares.
News Market Reaction
On the day this news was published, IMTE declined 21.08%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SYDNEY, HONG KONG AND NEW YORK, March 23, 2021 /PRNewswire/ -- Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"), announces today that it has entered into a Securities Purchase Agreement with an accredited investor for the issuance and sale in a registered direct offering of 708,000 ordinary shares of the Company ("Ordinary Shares") at a price of US
The Company intends to use the net cash proceeds for the further development of its switchable glass, non plated filter and financial research businesses and general working capital.
Mr. Con Unerkov, Chairman of IMTE stated, "This is a positive move to further strengthen the capital base of the Company as the proceeds from the sale of the shares will primarily be used to expand the development of our operations".
The Offering is being made pursuant to the Company's "shelf" Registration Statement on Form F-3 (File No. 333-227741), as filed with the Securities and Exchange Commission ("SEC") on October 9, 2018 and declared effective by the SEC on October 19, 2018. The Ordinary Shares are being offered only in the United States by the means of a prospectus supplement. The prospectus supplement and the accompanying prospectus relating to the registered direct offering is expected to be filed with the SEC on March 25, 2020. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained, when available, at the SEC's website at http://www.sec.gov.
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 any such state or jurisdiction. The securities are being be offered only by means of a prospectus, including a prospectus supplement and accompanying base prospectus, forming a part of the effective registration statement.
The Company advises investors to review the full details of transaction in the report on Form 6-K to be filed with the SEC or the investor relations section of the Company's website.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of glasses-free 3D (also known as autostereoscopic 3D) display, the manufacture and sale of nano coated plates for air filters, the sale of electronic glass, and credit risk analysis research. For more information, please visit www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE INTEGRATED MEDIA TECHNOLOGY LIMITED
FAQ
What is the purpose of IMTE's recent share offering?
How much money is IMTE raising through the share offering?
When is the expected closing date of IMTE's share offering?
What are the potential impacts of the share offering on IMTE's stock?
Under which regulatory filing is the IMTE share offering being made?
