TEL AVIV - A2Z Cust2Mate Solutions Corp. (NASDAQ:AZ), a provider of advanced technology solutions with a market capitalization of $171.78 million, has disclosed a securities purchase agreement with certain accredited investors for a registered direct offering. The deal involves the sale of 1,947,000 common shares at a price of $6.40 each, aiming to raise approximately $12.5 million before expenses. According to InvestingPro data, the company's stock has shown remarkable momentum, delivering a 611.86% return over the past six months.
The transaction, subject to standard closing conditions, is expected to finalize on or around Monday, December 16, 2024. A2Z plans to allocate the net proceeds towards working capital and general corporate purposes.
The offering is being made under a previously filed "shelf" registration statement with the Securities and Exchange Commission (SEC), which became effective on April 21, 2023. The company noted that the securities are not being offered in Canada and will not be available for sale to Canadian residents.
A2Z is known for its flagship product, a mobile self-checkout shopping cart designed to enhance the retail shopping experience. This innovative cart allows customers to scan items and pay directly within the cart, reducing checkout times and potentially decreasing the need for cashier-operated checkout lanes.
The company has stated that a prospectus supplement and the accompanying prospectus detailing the registered direct offering will be filed with the SEC and will be accessible on the SEC's website. InvestingPro analysis reveals that A2Z operates with weak gross profit margins of 11.96% and generated revenue of $6.63 million in the last twelve months. Subscribers to InvestingPro can access 11 additional key insights about A2Z's financial health and market performance.
This press release contains forward-looking statements, which are based on current expectations and involve various risks and uncertainties that could cause actual results to differ materially from those anticipated. This is particularly relevant given the stock's high price volatility, as identified by InvestingPro analysis, which shows the stock has delivered a 98.54% return year-to-date while currently trading slightly above its Fair Value.
The information in this article is based on a press release statement from A2Z Cust2Mate Solutions Corp.
In other recent news, A2Z Cust2Mate Solutions Corp. has made several significant announcements. The company disclosed the launch of a registered direct offering of 642,860 common shares at a price of $2.80 each, with an expected closing date in the near future. A2Z Cust2Mate also reported a reverse share split of its common shares to comply with Nasdaq's minimum bid price requirement.
In addition, the company has entered into a securities purchase agreement for a registered direct offering of up to 5,409,999 common shares at a price of $0.75 per share. A2Z Cust2Mate has also expanded its operations in Mexico and Central America through a framework agreement with Trixo, a retail technology integrator in the region.
Furthermore, the company has secured new global framework agreements with Nayax (TASE:NYAX) Capital, providing financing options for the sale or lease of A2Z's smart carts. A2Z Cust2Mate and Nayax Ltd. have announced a strategic alliance to launch a new smart cart technology, Cust2Mate 3.0. The first carts are set to launch in France, with plans to roll out tens of thousands of these payment-enabled carts globally.
These are the recent developments for A2Z Cust2Mate Solutions Corp.
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