TEL AVIV - A2Z Smart Technologies Corp. (NASDAQ:AZ), a provider of innovative retail technology solutions, has declared its plan to conduct a public offering of common shares and potentially pre-funded warrants. ThinkEquity is the exclusive placement agent for this offering.
The capital raised from this offering is earmarked for the development and expansion of the company's existing business operations. Specifically, the funds will be utilized to fulfill contracted smart cart backlog orders and expedite the onboarding process for new clients, in addition to providing working capital.
The securities are offered under a shelf registration statement on Form F-3, which was filed with the U.S. Securities and Exchange Commission (SEC) on April 12, 2023, and became effective on April 21, 2023. A preliminary prospectus supplement and accompanying prospectus detailing the offering terms have been or will be filed with the SEC.
A2Z's flagship product, Cust2Mate, is a mobile self-checkout shopping cart designed to enhance the retail shopping experience. It features a user-friendly interface, a touch screen, and smart algorithms that allow customers to scan and pay for their purchases directly from the cart, thereby reducing checkout times.
The press release includes forward-looking statements regarding the company's expectations, which are subject to risks, uncertainties, and assumptions. These statements are identified by words such as "anticipate," "estimate," "expect," and similar expressions. The company acknowledges that actual results could vary significantly from those predicted in these statements.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed. Investors are advised to read the prospectus supplement and accompanying prospectus, as well as other documents filed with the SEC, for a more complete understanding of A2Z and the proposed offering.
This news is based on a press release statement from A2Z Smart Technologies Corp. and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
InvestingPro Insights
A2Z Smart Technologies Corp. (NASDAQ:AZ) has recently announced its intention to raise capital through a public offering. As investors consider the potential of this offering, InvestingPro provides key metrics and tips to give a clearer picture of A2Z's financial health and market performance.
According to InvestingPro data, A2Z has a market capitalization of 24.03 million USD, reflecting the market's valuation of the company. Despite an impressive revenue growth of 130.85% over the last twelve months as of Q3 2023, the company operates with a negative P/E ratio of -1.92, indicating that it has not been profitable during this period. This is further emphasized by an operating income margin of -131.05%.
InvestingPro Tips highlight that the company's stock has experienced significant price volatility, with a price total return of -57.43% year-to-date as of 2024. This could be a point of concern for potential investors looking for stability. Furthermore, the stock is trading near its 52-week low, which might be seen as a buying opportunity for some investors, or a red flag for others, depending on their risk appetite and analysis of the company's future prospects.
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The insights provided by InvestingPro are crucial for investors considering participating in A2Z's public offering and can help in making a more informed decision.
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