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On Track Innovations raises $3.3M in shareholder offering

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May 25, 2021

On Track Innovations Ltd., an Israel based provider of near field communication and cashless payment solutions, raised $3.3 million in gross proceeds from its rights offering that closed on May 19, 2021, which will support its working capital needs and fund its operations, according to a press release.

OTI issued an aggregate of 18,965,517 ordinary shares at 17.4 cents per share, including 10,869,304 shares issued to the company's controlling shareholder, The Jerry Ivy, Jr. Descendants' Trust and its affiliates, 35.9% of issued and outstanding shares.