Benzinga | Oct 27, 2021 09:01AM EDT

My Size Reports Deals For Several Institutional Investors To Issue, Sell ~2.5M Shares Of Common Stock At $1.352/Share

My Size, Inc. ("My Size" or the "Company") (NASDAQ:MYSZ) (TASE: MYSZ), a leading developer and creator of smartphone measurement solutions, today announced that it has entered into definitive purchase agreements with several institutional investors for the issuance and sale of 2,514,800 shares of its common stock at a purchase price of $1.352 per share, in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, My Size has also agreed to issue and sell to the investors 3,772,208 unregistered shares of its common stock, at the same purchase price as in the registered direct offering. In addition, the Company has agreed to issue to the investors in the offerings unregistered warrants to purchase up to an aggregate of 4,715,256 shares of common stock. The aggregate gross proceeds to the Company of both offerings is expected to be approximately $8.5 million. The offerings are expected to close on or about October 29, 2021, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.

The unregistered warrants will have an exercise price $1.26 per share, be exercisable immediately upon issuance and a term of five years.

My Size currently intends to use the net proceeds from the offerings for general corporate purposes, including working capital.