Top Israeli Institutions Agree to Purchase 3.9 Million Shares of RADA from DBSI
RADA Electronic Industries Ltd. (Nasdaq: RADA) announced that its major shareholder, DBSI, will sell approximately 3.9 million shares to Israeli institutional investors.
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Rhea-AI Summary
RADA Electronic Industries Ltd. (Nasdaq: RADA) announced that its major shareholder, DBSI, will sell approximately 3.9 million shares to Israeli institutional investors. This move will enhance RADA's shareholder base and free-float, reducing DBSI's stake to about 2.8 million shares or 7% of RADA’s outstanding share capital. DBSI Chairman, Yossi Ben Shalom, confirmed the family office’s continued support for RADA, indicating confidence in the company’s long-term value creation potential. RADA specializes in radar solutions and avionics for defense applications.
Positive
- Increased shareholder base through sale of 3.9 million shares.
- DBSI retains significant interest in RADA, ensuring stability.
Negative
- None.
Details
News Market Reaction – RADA
The recorded move for RADA in the trading session of this news was -4.62%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NETANYA, Israel, Jan. 06, 2021 (GLOBE NEWSWIRE) -- RADA Electronic Industries Ltd. (Nasdaq: RADA) today announced that DBSI, the Company’s major shareholder, has notified RADA that it has agreed to sell approximately 3.9 million shares to leading Israeli institutional investors, broadening the shareholder base and increasing the free-float of RADA. Following the completion of the sale of such shares, DBSI’s interest in RADA will stand at approximately 2.8 million shares, representing approximately
DBSI’s Chairman, Yossi Ben Shalom, commented, “DBSI remains committed to its holdings in RADA and we feel that we have the correct interest in RADA relative to our size. We presently intend to remain with our current position in RADA as we still see significant future upside potential in RADA, and I intend to continue to act as Chairman of the Board. Mr. Ben Shalom added that, “As a family office, DBSI balances its portfolio from time to time and may adjust its holdings in its investments, given an opportunity. In this particular case, we were approached by leading Israeli institutional investors who were looking to purchase a meaningful stake in RADA. Like us, they saw in RADA the potential for long term value creation. I believe these investors are of the highest quality in Israel with long-term views and with a good understanding of RADA’s business and its potential.”
About RADA
RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets, including active military protection, counter-UAS, critical infrastructure protection and border surveillance.
| Company Contact: Avi Israel (CFO) Tel: +972-76-538-6200 mrkt@rada.com www.rada.com | IR Contact GK Investor Relations Ehud Helft, Partner Tel: 1 617 318 3096 rada@gkir.com |
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