OTI seeks $40M in Nasdaq funding
06 January, 2011
category: Contactless
Contactless smart card developer On Track Innovations (OTI) has filed a shelf prospectus for $40 million in the issuance of shares and, possibly, in various securities, according to globes.co.il.
The Israel-based company, which focuses on contactless payment cards and electronic passports, currently has $26.7 million in cash and cash equivalents. According to Globes, if OTI manages to raise the capital, it will likely be used for acquisitions and other activities to bolster growth, such as the company’s recent acquisition of parking solutions provider Ganis Systems.
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