- Communications security firm Elsight (ELS) has launched a renounceable rights issue to raise up to $8.15 million
- The one-for-six offeer has shares priced at 45 cents each — a 25 percent discount to the 30-day volume-weighted average price
- Every two shares purchased will also come with one attaching option exercisable at 90 cents and expiring at the end of March 2023
- The funds will largely go towards the continued development and accelerated marketing of the company’s Halo Communication Platform
- The company is also hoping to build a “war chest” for future mergers and acquisitions and to accelerate the company’s “aggressive planned organic growth”
- Elsight was up 3.45 percent before Monday’s market shutdown — it closed at 60 cents per share
