WOODCLIFF LAKE, N.J., Feb. 01, 2021 (GLOBE NEWSWIRE) -- PowerFleet, Inc. (Nasdaq: PWFL), a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as material handling equipment, tractor trailers, containers, cargo, automobiles, and light and heavy-duty truck fleets, today announced the closing of its previously announced underwritten public offering of 4,427,500 shares of its common stock, including the full exercise of the underwriters’ option to purchase an additional 577,500 shares of its common stock. The shares were offered by PowerFleet at a price to the public of $6.50 per share. The gross proceeds of the offering to PowerFleet are approximately $28.8 million, before deducting the underwriting discounts and commissions and other estimated offering expenses.
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 acted as sole book-running manager for the offering. Lake Street Capital Markets, Roth Capital Partners and Barrington Research acted as co-managers for the offering.
About PowerFleet
PowerFleet® Inc. (NASDAQ: PWFL; TASE: PWFL) is a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets such as industrial trucks, tractor trailers, containers, cargo, and vehicles and truck fleets. The company is headquartered in Woodcliff Lake, New Jersey, with offices located around the globe. PowerFleet’s patented technologies address the needs of organizations to monitor and analyze their assets to increase efficiency and productivity, reduce costs, and improve profitability. Our offerings are sold under the global brands PowerFleet, Pointer, and Cellocator. For more information, please visit www.powerfleet.com, the content of which does not form a part of this press release.
