SuperCom (SPCB) Announces Pricing of $2.75 Million Public Offering

August 2, 2023 9:16 AM EDT

SuperCom (NASDAQ: SPCB) ("SuperCom" or the "Company"), a global provider of secured solutions for the e-Government, IoT and Cybersecurity sectors, today announced the pricing of its public offering of 3,235,295 units at a public offering price of $0.85 per unit with a single institutional investor. Each unit consists of one ordinary share (or a prefunded warrant in lieu thereof) and one warrant to purchase one ordinary share. The common warrants will be immediately exercisable at an exercise price of $0.85 per share and will expire five years from the date of issuance. The ordinary shares (or pre-funded warrants in lieu thereof) and accompanying warrants can only be purchased together in this public offering, but will be issued separately and will be immediately separable upon issuance.

Gross proceeds to the Company, before deducting placement agent fees and other offering expenses, are expected to be approximately $2.75 million. The offering is expected to close on August 3, 2023, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as sole placement agent in connection with this public offering.

The Company has also agreed that certain existing warrants to purchase up to a total of 2,082,484 ordinary shares of the Company that were issued to such institutional investor on July 25, 2022 and March 31, 2023, will be amended effective upon the closing of the public offering so that the amended warrants will have an exercise price of $0.85 and will expire five years from the date of the closing of this offering.

The securities described above (other than the amended warrants) are being offered pursuant to a Registration Statement on Form F-1, as amended (File No. 333-273291) (the "Registration Statement"), previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (the "SEC") on August 2, 2023. The public offering is being made only by means of a prospectus which is a part of the Registration Statement. A preliminary prospectus relating to the public offering has been filed with the SEC. Copies of the final prospectus relating to the public offering, when available, will be filed with the SEC and will be available on the SEC's website at Copies of the final prospectus relating to this public offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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