$10 Million Public Offering Sends Interception Firm’s Stock Plummeting
Tel Aviv-based Ability Inc. dropped around 46% by Friday market close following its announcement
Tel Aviv-based Ability Inc. was down 45.95% on Nasdaq on Friday market close following its Friday morning announcement of a public offering intended to raise around $10 million. The drop returned Ability’s stock valuation to its consistent level of around $3 seen over the past few months, before its brief peak on Wednesday, when Ability announced an agreement to acquire one of its suppliers in a stock deal.
Ability, which is dually traded on the Tel Aviv Stock Exchange, provides interception, geolocation, and cyber intelligence products to security agencies. The company’s stock was traded for around $100 million when it listed on Nasdaq, but board resignations and class action suits filed against the company in both Israel and the U.S. have made their mark.
Nasdaq. Photo: Shutterstock