Communications accessories maker Silynxcom Ltd, on Wednesday, closed its initial public offering of 1.25 million shares at a price of $4 per share, for gross proceeds of $5 million before deducting underwriting discounts and before offering expenses.
Headset manufacturer said it has provided the underwriter a 45-day option to purchase up to an additional 187,500 ordinary shares to cover over-allotments at the initial public offering price, less the underwriting discount.
ThinkEquity was the book-running manager for the offering, meaning leading in the underwriting process when new shares or securities are issued for their clients.
The firm said it intends to use the funds for marketing, business development, research and development, working capital, and general corporate purposes.
The firm said the registration statement on Form F-1 relating to the offering was filed with the Securities and Exchange Commission (SEC) and became effective on January 11.
Last week Silynxcom Ltd proposed the price for its initial public offering (IPO) of around 1.3 million shares for the same price to the public. The shares begin trading on the New York Stock Exchange (NYSE) on January 12, under the symbol ‘SYNX.’
California-based company, Silynxcom Ltd, specializes in the designing and manufacturing of headset, headset system, Radio cables, and their parts to meet the demands of tactical, industrial professionals and the military.
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