Proceeds expected to extend cash runway to fund operations into at least the next 24 months
SHOHAM, Israel, Dec. 24, 2024 (GLOBE NEWSWIRE) -- Mobilicom Limited (Nasdaq: MOB), a provider of cybersecurity and robust solutions for drones and robotics, today announced that holders of warrants to purchase 761,290 ADRs issued in the Company's registered direct offering in January 2024, have exercised their warrants for aggregate gross proceeds of approximately $1.2 million.
"Over the past month, we've seen our company's valuation increase over 150%, and this has created economics that encouraged some of our institutional investors to exercise warrants. With this latest cash injection, our balance sheet is further fortified, which we expect to give us a cash runway of at least 24 months, which may be further extended as adoption of our drone technologies are increasingly gaining traction in a high-growth market. Our most recently reported financial results for the first half of 2024 demonstrate that our revenues more than tripled, gross margins increased, net loss narrowed and net cash used in operating activities halved compared to the same period in 2023,” stated Mobilicom CEO and Founder Oren Elkayam. "We believe the favorable market dynamics at this time for military and civilian drone and robotics indicate Mobilicom will have a strong 2025.”
About Mobilicom
Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom's large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world's largest drone manufacturers, Mobilicom's end-to-end solutions are used in mission-critical functions.
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Forward Looking Statements
This press release contains "forward-looking statements” that are subject to substantial risks and uncertainties. For example, the Company is using forward-looking statements when it discusses its how with this latest cash injection, its balance sheet is further fortified, which it expects to give it a cash runway of at least 24 months, which may be further extended as adoption of its drone technologies are increasingly gaining traction in a high-growth market and its belief that the favorable market dynamics at this time for military and civilian drone and robotics indicate Mobilicom will have a strong 2025. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate,” "believe,” "contemplate,” "could,” "estimate,” "expect,” "intend,” "seek,” "may,” "might,” "plan,” "potential,” "predict,” "project,” "target,” "aim,” "should,” "will” "would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company's filings with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.
For more information on Mobilicom, please contact:
Liad Gelfer
Mobilicom Ltd
