HAIFA, Israel, April 9, 2019 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or "the Company") announced today that it has obtained the commitment of several institutional investors in Israel to purchase 1,408,921 ordinary shares of the Company, par value 1.0 New Israeli Shekel ("NIS") per share (the "Offered Shares"), at a purchase price per Offered Share of approximately NIS 472 (approximately $132), for gross proceeds of approximately NIS 665 million (approximately $186 million) (the "Offering"). The Offered Shares are currently held by the Company as treasury shares.
Barak Capital Underwriting Ltd. is acting as a distributer in Israel for the Offering. The closing of the Offering is expected to occur on or about April 15, 2019, subject to the satisfaction of customary closing conditions, including receipt of the approval of the Tel Aviv Stock Exchange Ltd. (TASE) for trade on the TASE of the Offered Shares.
The Company intends to use the net proceeds from the Offering for general corporate purposes.
The sale and/or transfer of the Offered Shares to the purchasers are subject to the limitations on re-sale of securities set forth in the Israeli Securities Law of 1968 and the regulations promulgated thereunder as applicable.
The Offered Shares are being offered by the Company pursuant to an automatic shelf registration statement (including a prospectus) that was filed on April 8, 2019 with the United States Securities and Exchange Commission (the "SEC") and became effective upon such filing. Prospective investors should read the prospectus in that registration statement and the documents incorporated by reference in that registration statement. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or the TASE website at www.maya.tase.co.il.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, including the Offered Shares, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.