Alvarion Ltd. (NASDAQ: ALVR) said it has entered into a definitive agreement with Clal Finance Underwriting Ltd. to invest USD1.2m in the company (USD1m net of transaction-related expenses).
The agreement provides for the issuance of ordinary shares equal to approximately 10.5% of the company´s pre-transaction outstanding share capital, and warrants to purchase an additional number of ordinary shares equal to approximately 5.1% of the company´s pre-transaction outstanding share capital. The exact number of shares to be issued to Clal Finance and the number of shares issuable upon exercise of the warrants granted to Clal Finance shall be determined based on a formula taking into consideration the market price of the company´s ordinary shares prior to and following this announcement.
The parties expect the closing to be consummated by June 30, 2013 or shortly thereafter.
Alvarion provides optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of telecom operators, smart cities, security, and enterprise customers. The company´s website is at www.alvarion.com.
