Kornit Digital Launches A Public Offering Of Ordinary Shares To Finance Acquisitions Of Complimentary Businesses And Technologies
ROSH HA’AYN, Israel, Nov. 16, 2021 -- Kornit Digital Ltd. (NASDAQ: KRNT) (“Kornit”), a company that develops, designs and markets innovative, sustainable, on-demand, digital fashion and textile production technologies, today announced the launch of an underwritten public offering of 2,205,701 ordinary shares, 1,500,000 of which are being offered by Kornit and 705,701 of which are being offered by an affiliate of Amazon.com, Inc. (“Amazon”).
The Israeli digital textile printing company is taking advantage of its high share price for a secondary offering with shareholder Amazon a major beneficiary.
The share price of Kornit Digital (Nasdaq: KRNT) may have fallen back from its peak in early November, but the Israeli digital textile printing company is taking advantage of its high trading levels for a secondary offering, with its shareholder Amazon a major beneficiary.
Kornit plans raising $240 million (according to yesterday's share price), and an extra $53 million if the underwriters exercise their options to buy 331,000 additional shares within 30 days.
Kornit will not receive any of the proceeds from the sale of shares being offered by an affiliate of Amazon.
The shares being sold by an affiliate of Amazon are being issued pursuant to the exercise of a warrant granted to Amazon by Kornit.
Kornit intends to grant the underwriters a 30-day option to purchase up to an additional 330,855 ordinary shares.
Kornit intends to use the proceeds from the offering for future potential acquisitions, including complementary businesses, technologies or assets, and for general corporate purposes, including working capital and capital expenditures.
Kornit Corporate Profile
Today’s consumers want decorated textiles that reflect their own imagination, in any quantity, on a myriad of fabrics, at the speed of digital.
To meet this demand, suppliers require technologies that streamline production, simplify the supply chain (and its associated risks), enable proximity production, and eliminate waste—both from an inventory perspective, and an environmental one.
Kornit Digital is a pioneer in revolutionizing textile printing to master this economy.
Kornit Digital technologies empower apparel, accessories, home goods, and other manufacturers and brands to create on demand, “just in time,” producing only what they sell, at the touch of a button.
By eliminating preparation time and maximizing production uptime, Kornit’s systems create new opportunities for revenue, ensure profitability from orders large and small, shrink carbon footprint, and mitigate vulnerability to sudden shifts in market dynamics.
Print operations can allocate their human and capital resources more effectively, grow their e-commerce business, repatriate operations, and more.
Giving textile decorators the efficiency and agility they demand, while giving consumers the responsible production practices and self-expression they demand, Kornit Digital is the lynchpin for capitalizing on the digital supply chain.
With Kornit Digital, print businesses eliminate the guesswork from demand fulfillment, and position themselves for long-term success.
Financial Information
Kornit is filing a preliminary prospectus supplement to its shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission (the “SEC”) for the proposed offering of its ordinary shares.
The offering will be made only by means of a prospectus supplement and the accompanying prospectus.
The offering of these securities is being made under an effective shelf registration statement on file with the SEC.
The registration statement can be accessed through the SEC’s website at www.sec.gov.
About Kornit Digital
Kornit Digital Ltd. (NASDAQ: KRNT) develops, designs and markets innovative, sustainable, on-demand, digital fashion and textile production technologies.
The company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment.
Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit Digital serves customers in more than 100 countries and states worldwide.
