Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Allot Announces $40 Million Financing

Allot Ltd., a leading global provider of innovative security solutions and network intelligence for enterprise and mobile, fixed, and cloud service providers, announced that it had entered into a $40 million private financing with Lynrock Lake Master Fund LP, a fund managed by Lynrock Lake LP, an i********* management firm with approximately $1.3 b****** of assets under management. The financing consists of $40 million principal amount of a convertible promissory note.

Erez Antebi, President & CEO of Allot, commented “We appreciate the trust our long-term shareholder is demonstrating in our company and our strategy.  This financing provides us additional flexibility in executing our security-as-a-service (SECaaS) strategy and enables us to pursue growth while maintaining a strong balance sheet.”

“As a long-standing investor in Allot, we have been impressed by the scalability of the Company’s technology and the robustness of its security offering for communication service providers and enterprises,” said Cynthia Paul, Chief I********* Officer of Lynrock Lake. “We are excited to increase our i********* in Allot as the Company executes its strategic plan to grow its SECaaS recurring revenue stream.”

Recommended AI News: Traceable AI Offers Free Solution To Stop Log4j Attacks

Related Posts
1 of 40,178

Under the terms of the Note, the Note will not bear interest and the principal amount of the Note will not accrete. The Note will mature on February 14, 2025; however, the Company, at its sole discretion, may elect to extend the date of maturity by an additional year until February 14, 2026 and may further elect to extend the date of maturity by another additional year until February 14, 2027, each time by providing the holder with 90 days’ notice. The Note is convertible, in whole or in part at the option of the holder at any time prior to the Company’s repayment of the principal amount of the Note in full, into the Company’s ordinary shares at an initial conversion price of $10.30 per share, subject to certain customary anti-dilution adjustments. The conversion price will decrease by $1 per share (as adjusted commensurate with any anti-dilution adjustments to the Conversion Rate prior to such time) for each year the maturity is extended. The Company intends to use the proceeds of the financing for general corporate purposes.

Lynrock Lake has not requested a board seat, and its conversion of the Note is subject to an initial ownership limitation of 19.99% of the Company’s ordinary shares outstanding immediately after any such conversion, which may be decreased upon notice or increased to 24.99% upon 61 days’ notice from Lynrock Lake.

Recommended AI News: Deepdub Raises $20 Million in Series a Funding Led by Insight Partners to Bring AI-Based Dubbing Global

[To share your insights with us, please write to]

Comments are closed.