Actelis Networks, Inc. Announces IPO Pricing

FREMONT, Calif., May 13, 2022 (GLOBE NEWSWIRE) — Actelis Networks, Inc. ASNS (“Actelis” or the “Company”), a provider of rapidly deployable and cyber-hardened networking solutions for wide area IoT networks, today announced the price of its initial public offering of 3,750,000 common shares (the “Common Stock”) at a public offering price of $4.00 per share, for aggregate gross proceeds of $15.0 million, before deducting subscription discounts, commissions and other Boustead Securities, LLC (“Boustead”) is acting as the sole underwriter of the offering. The common shares are expected to begin trading on the Nasdaq Capital Market effective today, May 13, 2022, under the symbol “ASNS”.

In addition, the Company granted Boustead, who acted as sole underwriter for the offering, a 45-day option to purchase an additional 562,500 common shares at the public offering price per share, less discounts and subscription, to cover over-allotments, if necessary. If Boustead exercises the option in full, the total gross proceeds of the offering, including the over-allotment, are expected to be approximately $17.25 million before deducting underwriting discounts and commissions and offering fees.

The offering is expected to close on or about May 17, 2022, subject to satisfaction of customary closing conditions.

All common shares are offered by Actelis. The Company intends to use the proceeds primarily for research and development, sales and marketing, general and administrative purposes, capital investments and working capital.

A registration statement on Form S-1 (No. 333-264321) relating to the common stock sold under this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on May 12, 2022. he offer is being made solely by means of a prospectus. Copies of the final prospectus may be obtained, when available, from the SEC’s website, www.sec.govor by contacting Boustead Securities, LLC, by email: offers@boustead1828.com or by calling +1 (949) 502-4408 or by standard mail at Boustead Securities, LLC, Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there will be no 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 such state or territory.

About Actelis Networks, Inc.

Actelis Networks is a market leader in cyber-rugged hybrid fiber-copper network solutions for wide-area IoT applications, including federal, state, and local government, ITS, military applications, utilities, railroads, telecommunications and campuses. Actelis’ unique portfolio of hybrid fiber-copper aggregation switches, high-density Ethernet devices, advanced management software and cyber protection capabilities unlock the hidden value of mission-critical networks, delivering more secure connectivity for rapid deployment and profitable.

For more information, please visit www.actelis.com

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions or variations of these words are intended identify forward-looking statements. For example, the Company uses forward-looking statements when discussing expected gross proceeds and the closing of the offering. Forward-looking statements are not historical facts and are based on management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. These expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be realized, and actual results may differ materially from what is expressed or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the SEC, including, but not limited to, the risks detailed in the preliminary prospectus of Company (Registration No. 333-264321), filed with the SEC on May 10, 2022. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting the forward-looking information, except to the extent required by applicable securities laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and information contained on such websites is not incorporated by reference in this press release. Actelis is not responsible for the content of third-party sites.

contacts

For subscriber inquiries:

Boustead Securities, LLC
Pete Conley, Intellectual Property (IP) Banking Manager
Tel: +1 310-383-7874
Email: pete@boustead1828.com

Investor Relations:

Matt Glover and Ralf Esper
Investor Relations Gateway
949-574-3860
ASNS@gatewayir.com


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