Inova Design Solutions Ltd. announced that it has received ?1.999997 million in funding from Lakeland Industries, Inc.
October 17, 2021
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Inova Design Solutions Ltd. announced that it has entered into purchase agreement with new investor Lakeland Industries, Inc. for issuing 508,905 cumulative convertible series A shares at an issue price of ?3.93 per series A share for gross proceeds of ?1,999,996.65 on October 18, 2021. The series A shares issued to the Company at the closing represent approximately 11.43% of company?s total share capital. Under the terms of the Investment Agreement, the Company may also elect, within 30 months of the date of the first tranche, to acquire up to an additional 381,679 series A shares of company at the per share Subscription Price or ?1,500,000 assuming all 381,679 Series A Shares are acquired by the Company, which would result in the Company owning an aggregate of 18.42% of company?s s share capital, assuming no other shares are issued by the company.
Lakeland Industries, Inc. manufactures and sells a line of industrial protective clothing and accessories for the industrial and public protective clothing market. Its product categories include firefighter protective apparel and accessories, high-end chemical protective suits, limited use/disposable protective clothing, durable woven garments, high visibility clothing and gloves and sleeves. Its products are sold globally by its in-house sales teams, its customer service group, and authorized independent sales representatives to a network of over 2,000 safety and industrial supply distributors. Its authorized distributors supply end users, such as integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical and high technology electronics manufacturers and scientific, medical laboratories and the utilities industry. It offers structural firefighting, wildland firefighting and technical rescue helmets.