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TEL AVIV - A2Z Cust2Mate Solutions Corp. (NASDAQ:AZ), currently valued at $337.73 million, has completed a $45 million equity financing round at $8.00 per share, according to a company press release issued Friday. The stock has delivered an impressive 366% return over the past year, according to InvestingPro data.
The oversubscribed offering was anchored by Wellington Management and other financial institutions, including a global long-only investment manager and an alternative asset manager, alongside support from existing shareholders.
The smart retail technology company plans to use the funds to finance manufacturing and deployment of its smart shopping carts, expand marketing and sales efforts, and enhance retail media and data capabilities.
This financing follows recent business developments for A2Z Cust2Mate, including $55 million in orders from Yochananof and a $25 million order from Central America.
"We are now fully funded to accelerate global expansion, enhance our retail media and data capabilities, and prepare to monetize these innovations over the coming quarters," said Gadi Graus, CEO of A2Z Cust2Mate.
The company’s smart cart technology allows in-cart scanning and payment, enabling shoppers to bypass checkout lines. The system also provides real-time offers and product recommendations to customers while collecting data for retailers.
Titan Partners group, a division of American Capital Partners, facilitated the transaction, according to the statement.
In other recent news, A2Z Cust2Mate Solutions Corp. announced an upsized public offering, raising approximately $45 million through the sale of 5,625,000 common shares at $8 each. This offering is expected to close soon, generating significant gross proceeds before expenses. Additionally, the company secured a substantial $55 million purchase order from the Israeli supermarket chain Yochananof for the deployment of 5,000 smart shopping carts, with a completion target by the end of 2026. In a related development, A2Z Cust2Mate has obtained rights to monetize retail media and digital services on these smart carts, further solidifying its partnership with Yochananof. Benchmark has reiterated its Buy rating for A2Z Smart Technology, maintaining a price target of $20, following these strategic moves. Furthermore, A2Z Cust2Mate has sold its Israeli subsidiary, A2ZMS Advanced Military Solutions Ltd., for 500,000 Israeli shekels, with the transaction approved by non-interested directors and based on an independent valuation.
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