Israeli video transmission technology company Maris-Tech Ltd. (Nasdaq: MTEK) raised $17.8 million in its initial public offering (IPO) on Wall Street last week at a company valuation of $33 million. But after the share began trading and the underwriters exercised their options, the company's valuation fell to about $21 million.
Maris-Tech provides solutions for processing and transmitting video and audio.
The company issued common units at a public offering price per common unit of $4.20. Each common unit consists of one ordinary share and one warrant to purchase one ordinary share, with an initial exercise price of $5.25 per share. Aegis Capital Corp. acted as the sole book-running manager for the offering.
Based in Rehovot, Maris-Tech was founded in 2008 by CEO Israel Bar and has 10 employees according to its prospectus.
The company develops and markets intelligent mini-systems for monitoring and communications to protect privacy and for homeland security as well as the autonomous car industry. Maris-Tech's customers include Elbit Systems, Israel's Ministry of Defense, Rafael Advanced Defense Systems, and Israel Aerospace Industries (IAI).
The company's chairman is former IAI chairman Joseph Weiss.