Honghui Yu and Zachary Freedman Represent PowerFleet in Underwritten Public Offering of Common Stock
Olshan client PowerFleet, Inc., a global leader and provider of subscription-based wireless IoT and M2M solutions for securing, controlling, tracking, and managing high-value enterprise assets, announced the closing of a $28.8 million underwritten public offering of 4,427,500 shares of its common stock, including the full exercise of the underwriters’ option to purchase an additional 577,500 shares of its common stock. PowerFleet intends to use the net proceeds from this offering for general corporate purposes, which may include working capital, capital expenditures, potential acquisitions, repayment of outstanding indebtedness and redemption of outstanding preferred stock. Canaccord Genuity acted as sole book-running manager for the offering, and Lake Street Capital Markets, Roth Capital Partners and Barrington Research acted as co-managers for the offering. Corporate attorney Honghui Yu and law clerk Zachary Freedman represented PowerFleet in this transaction.