Actelis Networks enters $30 million equity funding agreement

Actelis Networks Inc. (NASDAQ: ASNS) entered into a common stock purchase agreement with White Lion Capital LLC on September 27, 2024, with an effective date of October 1, 2024.

Under the agreement, Actelis has the right to require White Lion to purchase up to $30 million in newly issued common stock shares over time, subject to certain limitations and conditions. The company is not obligated to utilize the full commitment amount.

The maximum number of shares that can be issued under the agreement is capped at 19.99% of Actelis' outstanding common stock as of the effective date, unless the company obtains shareholder approval to exceed this limit.

Actelis must file a registration statement with the Securities and Exchange Commission to register the common stock for potential resale by White Lion under the Securities Act of 1933. The company also entered into a related registration rights agreement with White Lion.

The arrangement provides Actelis with access to equity financing while giving the company discretion over the timing and amount of stock issuances within the agreement's parameters.

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