WOODCLIFF LAKE, N.J., Jan. 28, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as material handling equipment, tractor trailers, containers, cargo, automobiles, and light and heavy-duty truck fleets, today announced the pricing of an underwritten public offering of 3,850,000 shares of its common stock at a public offering price of $6.50 per share. PowerFleet has also granted the underwriters a 30-day option to purchase up to an additional 577,500 shares of its common stock. The gross proceeds of the offering to PowerFleet are expected to be approximately $25,025,000, before deducting the underwriting discounts and commissions and other estimated offering expenses and before the exercise of the underwriters’ option to purchase additional shares.
The closing of the offering is expected to occur on February 1, 2021, subject to the satisfaction of customary closing conditions.
PowerFleet intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, capital expenditures, potential acquisitions, repayment of outstanding indebtedness and redemption of outstanding preferred stock.
Canaccord Genuity is acting as sole book-running manager for the offering. Lake Street Capital Markets, Roth Capital Partners and Barrington Research are acting as co-managers for the offering.
About PowerFleet
PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets. The company is headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. PowerFleet’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. Our offerings are sold under the global brands PowerFleet, Pointer, and Cellocator. For more information, please visit www.powerfleet.com, the content of which does not form a part of this press release.
