Rail Vision Ltd. (NASDAQ: RVSN), a development stage technology company that is seeking to revolutionize railway safety and the data-related market, announced the closing of its initial public offering of 3,787,241 ordinary shares and accompanying warrants to purchase 3,787,241 ordinary shares. Each ordinary share was sold together with one warrant to purchase one ordinary share with an exercise price of $4.13 at a combined public offering price of $4.13 per share and accompanying warrant. Gross proceeds for the offering were approximately $15.6 million, before deducting underwriting discounts and commissions and estimated offering expenses.
The Company granted Aegis Capital Corp, the underwriter, a 45-day over-allotment option to purchase additional ordinary shares and/or warrants to purchase additional ordinary shares up to 15% of the number of ordinary shares and warrants, respectively, sold in the offering solely to cover over-allotments, if any. On April 4, 2022, Aegis partially exercised its over-allotment option with respect to 568,086 warrants to purchase ordinary shares.
Rail Vision Ltd. (RVSN) is a client of RedChip Companies, Inc. RVSN agreed to pay RedChip Companies, Inc. a $5,000 monthly cash fee pre-IPO and $10,000 monthly cash fee post-IPO, beginning in February 2022, for six (6) months of RedChip investor awareness services.