FREMONT, Calif., January 4, 2021 -- Aerkomm Inc. ("Aerkomm" or “the Company”) (Euronext Paris: AKOM; OTCQX: AKOM), a development stage service provider of In-Flight Entertainment and Connectivity solutions for the airline industry using Ka-band technology, today announced that on December 31, 2020, the Company completed an initial closing of a “best efforts” underwritten public offering (the “ Offering”) of its common stock, par value $0.001 per share (the “Common Stock”), in which the Company issued and sold 96,160 shares of Common Stock at a price per share of Euro 20.50, or approximately U.S.$25.00, for gross proceeds of Euro 1,971,280, or U.S. $2,403,778. The sole underwriter for the Offering was Invest Securities SA, who has entered into a sub-placement agent agreement with Yuanta Securities (Hong Kong) Company Limited.
The material terms of the Offering are described in the prospectus, dated November 5, 2020 (the “prospectus”), filed by the Company with the Securities and Exchange Commission (the “Commission”) on November 12, 2020, pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”). The Offering is registered with the Commission pursuant to a Registration Statement on Form S-1, as amended (File No. 333-237942), initially filed by the Company on April 30, 2020 (the “Registration Statement”) and declared effective by the Commission on November 6, 2020. The prospectus and related prospectus supplements also filed with the Commission are available on the Commission's website located at http://www.sec.gov. Copies of the prospectus and related prospectus supplements may be obtained from Invest Securities SA at 73 boulevard Haussman, 75008 Paris, France, or Yuanta Securities (Hong Kong) Company Limited at 23/F, Tower 1, Admiralty Centre, 18 Harcourt Road, Admiralty, Hong Kong.
Although the shares offered by the prospectus were registered under the Securities Act, no shares were or will be offered, sold or delivered within the United States or to U.S. persons (as defined in Regulation S under the Securities Act (“Regulation S”)), and no directed selling efforts (as defined in Regulation S) in the United States relating to the Company or the Offering will be made. The shares offered by the prospectus are only being offered, sold and delivered to non-U.S. persons (as defined in Regulation S) in offshore transactions (as defined in Regulation S) outside the United States.
Additional closings of the Offering may be held from time to time until March 6, 2021, which date may be extended until April 5, 2021 and further extended for up to an additional 45 days if the over-subscription option is exercised.
The Common Stock is listed on the OTC Markets Group Inc. OTCQX Best Market and on the Professional Segment of the regulated market of Euronext Paris under the symbol “AKOM.”
The Offering did not and will not require a prospectus to be submitted for approval to the French financial markets' authority (Autorité des marchés financiers).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Aerkomm Inc.
Aerkomm Inc. (Euronext Paris: AKOM; OTCQX: AKOM), operating through its wholly owned subsidiary, Aircom Pacific, Inc., is a development stage service provider of in-flight entertainment and connectivity solutions for the airline industry. The Company strives to become a leading provider of a wide range of in-flight broadband entertainment and connectivity services, including Wi-Fi connectivity, cellular networks, movies, gaming, live television, and music. Aerkomm aims to reshape the market for in-flight entertainment and connectivity services by offering on-board connectivity to its airline partners and passengers for free, generating revenue through advertising and on-board transactions.
More information about Aerkomm is available at www.aerkomm.com.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our periodic filings with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended, as well as in our Registration Statement on Form S-1 filed with the SEC (File No. 333-237942), as amended, and the prospectus contained therein and the related prospectus supplements. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
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