Mobilicom to sell 1.9M ADSs at $1.55 in registered direct offering

Mobilicom has entered into a definitive agreement with certain institutional investors for the purchase and sale of 1,903,225 of the Company’s American Depositary Shares, at an effective purchase price of $1.55 per ADS, in a registered direct offering. Mobilicom has also agreed to issue and sell to the investor, in a concurrent private placement, unregistered warrants to purchase up to an aggregate of 1,903,225 ADSs. Each ADS represents two hundred seventy-five ordinary shares, no par value, of Mobilicom. The offering is expected to close on or about January 30, 2024, subject to satisfaction of customary closing conditions. Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the offering. The warrants will have an exercise price of $1.55 per ADS and will be exercisable at any time upon issuance and will expire five years from the initial exercise date. The gross proceeds from the offering, before deducting the placement agent’s fees and other estimated offering expenses payable by the Company, are expected to be $2.95 million. Mobilicom intends to use the net proceeds for working capital and general corporate purposes.