(RTTNews) - SaverOne 2014 Ltd. (SVRE), a technology company specializing in transportation safety solutions, announced that it has withdrawn its proposed underwritten public offering of securities due to market conditions.
Earlier today, the company said it intends to offer its American Depositary Shares ("ADS") in a firm commitment underwritten public offering. The company intends to use the net proceeds from the offering for its global sales and marketing expansion, its research and development and for working capital and general corporate purposes.
In addition, the company expects to grant Alexander Capital L.P. a 45-day option to purchase additional ADSs of up to 15% of the number of ADSs sold in the offering solely to cover over-allotments, if any.
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