Netanya, Israel, January 17, 2017 – RADA Electronic Industries Ltd. (NASDAQ: RADA) announced that yesterday, DBSI, the company’s principal shareholder, converted its final tranche of 1.45 million warrants into ordinary shares of RADA, in consideration for $800,000.
Concurrently, DBSI has notified RADA that it has sold 1.6 million RADA ordinary shares to leading Israeli institutional investors, all of the existing shareholders of RADA, thus strengthening institutional holdings in RADA. The sales price of ordinary shares sold to these institutions was $2.77 per share.
Following the above transactions, DBSI continues to hold approximately 9 million shares of RADA, constituting about 29% of its equity.
Yossi Ben Shalom, RADA’s Chairman and partner in DBSI, commented: “We are very pleased with the performance of RADA since our initial investment. The full exercise of our warrants, and the increased holdings of major institutional investors, further improves RADA’s balance sheet and the trust of the investment community in the company.