Mobilicom Limited (NASDAQ:MOB) has announced through an SEC filing that selling shareholders are permitted to resell up to 549,556,150 ordinary shares. These shares are represented by 1,998,386 American Depositary Shares (ADSs) and are issuable upon the exercise of warrants from the January 25, 2024 private placement.
The company clarified that it will not receive any proceeds from the shareholders' sale of the ordinary shares. Instead, all net proceeds will benefit the selling shareholders exclusively. Mobilicom may, however, receive proceeds from the exercise of warrants unless they are exercised on a cashless basis.
The sale of these ordinary shares may occur on the market where Mobilicom's ordinary shares are traded, through negotiated transactions, or by other means. Prices and terms of the sales will be influenced by the market price at the time or through direct negotiations. The company will bear all costs associated with registering these shares, while the selling shareholders are responsible for any underwriting discounts, selling commissions, or similar charges incurred during the sale.
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