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Ellomay Capital Announces Proposed Private Placement of Ordinary Shares and Warrants to Israeli Institutional Investors for Approximately NIS 50M

Ellomay Capital Ltd.

Benzinga · 01/30/2020 09:40

Ellomay Capital Ltd. (NYSE: ELLO) today announced that it has received and accepted, following the approval of the Company's Board of Directors, commitments from two leading Israeli institutional investors to participate in a private placement of ordinary shares and warrants to purchase ordinary shares of the Company (the "Private Placement").

The price per share in the Private Placement was set at NIS 70 (approximately $20.2). The Company is expected to issue the participants in the Private Placement an aggregate of 715,000 ordinary shares and warrants to purchase an additional 178,750 ordinary shares (the "Warrants"). The Warrants are exercisable for a period of one year, with an exercise price of NIS 80 (approximately $23.1) per ordinary share. The gross proceeds to the Company in connection with the Private Placement are expected to be NIS 50.05 million (approximately $14.5 million). The Company intends to use the net proceeds from this offering for general corporate purposes.

The closing of the Private Placement is subject to the receipt of regulatory approvals, which are expected to be obtained during February 2020.

The Private Placement described in this report, if made, will be made in Israel only and not to U.S. persons. The ordinary shares, if sold, will not be registered under the U.S. Securities Act of 1933, as amended, and will not be offered or sold in the United States without registration or applicable exemption from the registration requirements according to the U.S. Securities Act of 1933. Nothing in this press release constitutes a public offering or an invitation to purchase the Company's securities.