Gilat Satellite announces $66M private placement

Gilat Satellite (GILT) Networks announced that, following the approval of its Board of Directors, it has received and accepted commitments from Israeli institutional and accredited investors, to participate in a private placement of Ordinary Shares of the company. The company is expected to issue and sell to the Investors an aggregate of 7,058,820 Ordinary Shares for a purchase price of $9.35 per Share, which represents a 6.3% discount over the 7-day Volume Weighted Average Price. The newly issued Shares are expected to represent approximately 11% of the company’s issued and outstanding Ordinary Shares after the consummation of such sale. The closing of the transaction is subject to customary closing conditions and is expected to be completed in September 2025. The company expects to receive net proceeds from the sale of the Shares, after deducting offering expenses, of approximately $65M. The company intends to use such proceeds for general corporate purposes.