- Xtract One Technologies (TSX:XTRA) signed an engagement letter with strategic partner Eight Capital to conduct a public offering
- The company has granted Eight Capital an option to increase the size of the offering by up to 15 per cent at any time at their discretion to acquire either more units, shares or warrants, or all of the above.
- The company also intends to complete a private placement offering to MSG Sports Ventures, LLC, a wholly owned subsidiary of Madison Square Garden Sports Corp. (NYSE:MSGS), to maintain its pro rata interest in the outstanding securities of the company
- Xtract One Technologies stock last traded at $0.58 per share
Xtract One Technologies (TSX:XTRA) signed an engagement letter with strategic partner Eight Capital to conduct a public offering.
The units are offered on a “commercially reasonable best-efforts” marketed basis. Each unit consists of one common share in the capital of the company and one common share purchase warrant. The number of units to be sold and amount of proceeds to be raised under the offering will be determined.
The company has granted Eight Capital an option to increase the size of the offering by up to 15 per cent at any time at their discretion to acquire either more units, shares or warrants, or all of the above.
The units will be offered by way of a prospectus supplement to the company’s short form base shelf prospectus from February, which will be filed with the securities commissions and other regulatory authorities in each province and territory, except Québec.
The company also stated that it intends to complete a private placement offering to MSG Sports Ventures, LLC, a wholly owned subsidiary of Madison Square Garden Sports Corp. (NYSE:MSGS), to maintain its pro rata interest in the outstanding securities of the company.
Xtract One intends to use the proceeds of the offering and private placement for working capital and general corporate purposes.
Earlier this week, Xtract One announced that its SmartGateway has been selected to protect all entrances at American Bank Center in Corpus Christi, Texas. A multi-purpose indoor arena and convention space.
Xtract One Technologies offers AI-based threat detection and security solutions for seamless patron access control experiences.
Xtract One Technologies stock (TSX:XTRA) last traded at $0.58 per share and is down 23.68 per cent in a year.
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