ParaZero Enters $4M Direct Offering Agreement with Institutional Investor

ParaZero announced that it has entered into a definitive agreement in a registered direct offering with a single institutional investor for the purchase and sale of approximately $4M of ordinary shares and pre-funded warrants at a price of 75c per ordinary share. The offering consisted of the sale of 5,333,333 ordinary shares at a public offering price of 75c per ordinary share. The pre-funded warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each pre-funded warrant sold in the offering, the number of ordinary shares in the offering will be decreased on a one-for-one basis. Aggregate gross proceeds to the company are expected to be approximately $4M. The transaction is expected to close on or about March 24, subject to the satisfaction of customary closing conditions. The company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. Following completion of the offering, the company will have 28,760,239 ordinary shares issued and outstanding, assuming the exercise of all pre-funded warrant issued in the offering. Aegis Capital Corp. is acting as exclusive placement agent for the offering.