TEL AVIV, Israel, June 30, 2021 / PRNewswire / – SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-government, IoT and cybersecurity industries, today announced the closing of a financing of gross proceeds of $ 5 million. dollars to support the growth capital needs of the business.
For the consideration of $ 5 million in gross proceeds, SuperCom issued a 2 year unsecured subordinated promissory note to a certain institutional investor. The Note has an annual coupon of 5% and a built-in increase in the Note Balance of 5% every 6 months, for any portion of the Note that has not been redeemed prior to maturity. All principal and accrued interest must be paid in one installment at maturity, and the Company has the right to prepay any portion of the Note at any time without penalty for prepayment. There is an option at SuperCom’s sole discretion, at any time after 12 months, to redeem all or part of the note using its common stock, subject to certain conditions being met.
âWe are delighted to have secured this capital, which will support our focus on growth going forward. Numerous wins in government tenders displacing our competition, proprietary technology introducing new capabilities and superior performance, and a growing need for nations to use electronic surveillance and cybersecurity technology has allowed us to increase and increase our market share, âcommented the President and CEO of the company Ordan Trabelsi.
âWe believe it is essential to stay at the forefront of technological innovation and to continue to develop our global footprint with more project deployments in more geographies. Our funding helps provide the initial capital required to support new project deployments, while continuing to invest in growth. In addition, we plan to continue investing in research and development, as well as sales and marketing to reach more customers, while providing exceptional service and project management to existing customers. but develop high-margin recurring revenue streams going forward. “
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described in this document, and there will be no sale of such securities in any state or jurisdiction in which such offering, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced security, identification and security solutions to governments and organizations, both private and public, around the world. Through its proprietary eGovernment platforms and innovative solutions for traditional and biometric enrollment, personalization, issuance and border control services, SuperCom has inspired governments and national agencies to design and implement deliver secure multi-ID documents and robust digital identity solutions to its citizens and visitors. . SuperCom offers a unique and proven suite of all-in-one RFID and mobile products and technologies, along with advanced add-on services for various industries including healthcare and home care, security and safety, public safety community, law enforcement, electronic surveillance, livestock surveillance, and building and gate automation.
This Press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or which otherwise include the words “believes”, “expects”, “anticipates”, “intends to”, “projects”, “estimates”, “plans” and similar expressions or future or conditional verbs such as “” will “,” should “,” would “,” could “and” could “are generally forward-looking in nature and not historical or current facts. Examples of such statements include, without s ” limit, statements regarding business and economic trends, the anticipated impact of the COVID-19 outbreak on travel and physical locations, and the anticipated impact of such an outbreak on our business and results. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from statements made. These risks and uncertainties include, but are not limited to, the effects of the COVID epidemic. 19, including nive to the confidence of consumers, businesses and the economy in general, the duration of the COVID-19 epidemic and the severity of this epidemic, the pace of the recovery following the COVID-19 epidemic, the effect on our supply chain, our ability to implement cost containment and business recovery strategies; and the negative effects of the COVID-19 epidemic on our business or the market price of our common shares, the risks and uncertainties described under “Forward-looking statements” in any report and the risk factors described in our report annual on form 20- F for the closed financial year December 31, 2019 and our subsequent filings with the United States Securities and Exchange Commission and reports on Form 6-K are uncertain. Except as required by law, we assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release. .
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SOURCE SuperCom Ltd.