Otonomo Technologies Ltd. Announces Expiration And Results Of Exchange Offer And Consent Solicitation Relating To Its Warrants And Notice To Exercise Right To Exchange Remaining Outstanding Warrants
Portfolio Pulse from Happy Mohamed
Otonomo Technologies Ltd. (NASDAQ:OTMO) has announced the expiration and results of its exchange offer and consent solicitation relating to its outstanding public and private placement warrants. Approximately 63.7% of the public warrants and 100% of the private placement warrants were tendered. The company also received approval for the amendment to the warrant agreement. Otonomo will exchange all remaining untendered warrants for Ordinary Shares at an exchange ratio of 0.01503 Ordinary Shares for each warrant on September 7, 2023.
August 23, 2023 | 8:01 pm
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NEUTRAL IMPACT
Otonomo's exchange offer and consent solicitation has ended with a majority of public and all private placement warrants tendered. The company will exchange remaining untendered warrants for Ordinary Shares.
The news is directly related to Otonomo and its outstanding warrants. The tendering of a majority of these warrants and the upcoming exchange for Ordinary Shares could potentially impact the company's stock price, but the direction of the impact is uncertain without additional information.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100