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Investing.com -- Allot Ltd. (NASDAQ:ALLT) stock fell 13% after the company announced the pricing of its underwritten public offering of ordinary shares at $8.00 each, representing a significant discount to its previous closing price of $9.61.
The network intelligence and security solutions provider is offering 5,000,000 ordinary shares, with an option for underwriters to purchase up to an additional 750,000 shares. The gross proceeds from the offering are expected to be $40.0 million before deducting underwriting discounts, commissions, and estimated expenses.
Allot plans to use the majority of the net proceeds to repay $31.41 million of principal outstanding under the senior unsecured convertible promissory note issued to its largest shareholder, Lynrock Lake Master Fund LP, with the balance allocated for general corporate purposes.
In connection with the offering, Lynrock has agreed to convert the remaining $8.59 million of principal outstanding into 1,249,995 ordinary shares. Lynrock has also entered into a 75-day lock-up agreement with the underwriters regarding these shares.
Following the repayment and conversion of the Lynrock Note, Allot will have no outstanding indebtedness for borrowed money. The offering is expected to close on June 26, 2025, subject to customary closing conditions.
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