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Actelis Networks Completes $1 Million Private Placement

Actelis Networks, Inc. (NASDAQ:ASNS) is among the fundamentally strong penny stocks to invest in. On Thursday, Actelis Networks, Inc. (NASDAQ:ASNS) announced the completion of a previously disclosed private placement that secured nearly $1 million in gross proceeds before expenses.

With the price in line with the Nasdaq rules, the offering comprised 1,626,019 common stock shares at $0.615 per share, together with Series A-3 warrants to acquire as many as 1,626,019 additional shares and short-term Series A-4 warrants to purchase up to 3,252,038 shares.

A sleek broadband amplifier reflecting the rays of light in a server room.

Both warrants carry an exercise price of $0.615 per share and will be exercisable as soon as the shareholder approval is received. While the Series A-3 warrants expire five years after the approval, the Series A-4 warrants expire after 18 months. This means that Actelis Networks, Inc. (NASDAQ:ASNS) will receive roughly $3 million in additional gross proceeds, if and only if all warrants are fully exercised on a cash basis.

This placement comes at a crucial time, with the stock volatility at its high. However, the purpose of this transaction is what keeps the investors’ interest. Actelis Networks, Inc. (NASDAQ:ASNS) has revealed plans to use the proceeds as working capital for general corporate purposes.

Actelis Networks, Inc. (NASDAQ:ASNS) is a California-based company that focuses on the design, development, and commercialization of cyber-hardened, hybrid fiber networking solutions for Internet of Things (IoTs) and telecommunication governmental institutions and companies. From system integrators and distributors to contractors and resellers, the company serves a wide clientele.

While we acknowledge the potential of ASNS to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ASNS and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money.

Disclosure: None.

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