Medis Technologies Ltd. (New York, NY) announced that it filed a registration statement on Form S-3 with the Securities and Exchange Commission for a fixed-price rights offering. Medis proposes to distribute to holders of its outstanding common stock, at no cost, non-transferable subscription rights to purchase up to an aggregate of 2,790,700 additional shares of its common stock, at a subscription price of $2.15 per share.
Holders of the common stock will receive 0.132246242 subscription rights for each share of common stock held by them as of the close of business on the record date, which is expected to be on or around the date the registration statement becomes effective. A registration statement relating to the securities has been filed with the Securities and Exchange Commission, but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
