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HOD HASHARON, Israel - Allot Ltd. (NASDAQ:ALLT; TASE:ALLT), whose shares have surged over 320% in the past year according to InvestingPro data, announced Tuesday a proposed public offering of its ordinary shares, with proceeds intended primarily to repay debt.
The network intelligence and security solutions provider plans to use the net proceeds to repay $31.41 million of principal outstanding under a senior unsecured convertible promissory note held by its largest shareholder, Lynrock Lake Master Fund LP.
According to the press release statement, Lynrock has agreed to convert the remaining $8.59 million of principal into ordinary shares. Following these transactions, Allot will have no outstanding debt for borrowed money.
The company expects to grant underwriters a 30-day option to purchase up to an additional 15% of the ordinary shares at the public offering price.
TD Cowen and William Blair are serving as joint book-running managers for the offering, with Needham & Company acting as lead manager.
The public offering is being conducted under an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission.
Lynrock will enter into a 75-day lock-up agreement with the underwriters regarding its ordinary shares, including those issued upon conversion of the note.
The offering is subject to market conditions, and no assurance can be given as to whether or when the offering may be completed, or the actual size or terms of the offering. InvestingPro analysis suggests the stock is currently trading above its Fair Value, with 12 additional exclusive insights available for subscribers.
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