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Gilat to Sell 7-M Stocks in Public Offering |
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PETAH TIKVA, Israel, Nov. 22, 2006/Satnews Daily/ — Gilat Satellite Networks Ltd. (Nasdaq:GILT) has filed a registration statement with the Securities and Exchange Commission to sell 7,000,000 of its ordinary shares.
Gilat said the ordinary shares to be sold includes up to 4,666,667 ordinary shares offered by the company and up to 2,333,333 ordinary shares offered by York Capital Management, LLC, a selling shareholder. An option has been granted to the underwriters to purchase up to an additional 350,000 ordinary shares from the company and up to an additional 700,000 ordinary shares from the selling shareholder to cover over-allotments, if any.
Gilat said it expects to use the proceeds from the offering for general corporate purposes, including working capital.
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