Allot Ltd. announces ordinary shares offering, no amount given

Allot Ltd. (ALLT) announced a proposed public offering of its ordinary shares. All of the ordinary shares in the proposed public offering will be sold by the company. The company expects to use the net proceeds of the public offering to repay $31.41M of principal outstanding under the senior unsecured convertible promissory note with a face value of $40M issued by the company to its largest shareholder, Lynrock Lake Master Fund, on February 18, 2022, and the balance for general corporate purposes. In connection with the offering, Lynrock has agreed to convert the remaining $8.59M of principal outstanding under the Lynrock Note into ordinary shares. Lynrock will enter into a customary lock up agreement with the underwriters with respect to its ordinary shares, including those to be issued upon conversion of the Lynrock Note, for a period of 75 days following the date of the final prospectus supplement. The Company will have no outstanding indebtedness for borrowed money following the repayment and conversion of the Lynrock Note. TD Cowen and William Blair are acting as the joint book-running managers, and Needham & Company is acting as lead manager, with respect to the public offering of the ordinary shares.