AIRPORT CITY, Israel,
October 27, 2017 /PRNewswire/ --
My Size, Inc. (the "Company" or "My
Size") (NASDAQ: MYSZ) (TASE: MYSZ), developer of proprietary,
smartphone measurement applications, announced today that the
Company has entered into a definitive agreement to sell securities
in a private placement of non-convertible notes and warrants that
is expected to result in gross proceeds to the company of
$1.2 million, before deducting
placement agent fees and other offering expenses. The notes
have an aggregate principal amount of $c1,333,333 and will be issued at a 10% issue
discount, with no ordinary interest, and are due on the earlier of
the four month anniversary from the date of their issuance or the
completion of an equity offering. In addition, the investors will
receive five-year warrants to purchase an aggregate of 888,888
shares of common stock, at an exercise price of $0.75 per share, representing approximately
one-half of the principal amount of their investment. My Size plans
to use the proceeds for general corporate purposes.
The closing of the private placement is subject to the
satisfaction of customary closing conditions. The securities
purchase agreement and the transactions contemplated thereby were
unanimously approved by My Size's Board of Directors. Additional
details regarding the private placement will be included in a Form
8-K filed by My Size with the Securities and Exchange
Commission.
Roth Capital Partners is acting as the sole placement agent for
the offering.
The securities offered in the private placement have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act") or any state securities law. Accordingly, the
securities may not be offered or sold in the United States except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act and applicable
state laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy such common stock, nor shall there
be any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique
measurement technology based on sophisticated algorithms and
cutting edge technology with broad applications including the
apparel, e-commerce DIY, shipping and parcel delivery
industries. This proprietary technology is driven by
several patent-pending algorithms which are able to calculate and
record measurements in a variety of novel ways. To learn more about
My Size, please visit our website. http://www.mysizeid.com .
Follow us on Facebook, LinkedIn and Twitter.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words "could," "believe,"
"anticipate," "intend," "estimate," "expect," "may," "continue,"
"predict," "potential," "project" and similar expressions that are
intended to identify forward-looking statements. All
forward-looking statements speak only as of the date of this press
release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
objectives, expectations and intentions reflected in or suggested
by the forward-looking statements are reasonable, we can give no
assurance that these plans, objectives, expectations or intentions
will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Known material factors that could cause actual results
to differ materially from those in the forward-looking statements
include: an active trading market for our common stock may not
develop on NASDAQ; the trading price for our common stock may
fluctuate significantly; and the Company will continue to be a
"controlled company," as defined under NASDAQ rules, and the
interests of our controlling stockholder may differ from those of
our public stockholders. Forward-looking statements also are
affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Press Contact:
Eran Yoels
Rimon, Cohen & Co.
eran@rcspr.co.il
+972-52-4408020
SOURCE My Size, Inc.