PowerFleet Inc. (PWFL) Prices 3.85M Share Common Offering at $6.50/Sh

PowerFleet, Inc. (NASDAQ: PWFL) 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.

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