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Wizcom to raise NIS 4.5m in convertible bonds
Electronic pen developer Wizcom Technologies Ltd. (XETRA: WZM) announced that it plans to raise NIS 4.5 million in a placement of convertible bonds with current shareholders, company executives, and other investors. The bonds can be converted into shares six months after issue at a strike price of €0.25 per share. The bonds will bear 5% annual interest.
Wizcom's share fell 11.1% today in Frankfurt to €0.32, giving a market cap of €3.8 million. The company posted $2.8 million revenue in the first half of 2009, 36% less than the $4.3 million in the first half of 2008, but nevertheless more than halved its net loss to $203,000 from $584,000. It had only $68,000 in cash at the end of June, down from $200,000 a year earlier, underscoring the importance of the bond offering.
Wizcom is a MarketReach America ICET 2004 participating company.
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