Gilat Raises $68.4-M from Follow-on Offering

PETAH TIKVA, Israel, Dec. 21, 2006/Satnews Daily/ ― Gilat Satellite Networks Ltd (Nasdaq: GILT) has announced that the joint bookrunning managers of its recent follow-on offering have exercised the over-allotment option in full to purchase an additional 350,000 ordinary shares from Gilat and 700,000 ordinary shares from the selling shareholder.

Gilat said the company and the selling shareholder sold a total of 8.05 million shares at a price of $8.50 per share, resulting in gross proceeds of approximately $68.4 million. Of the total amount, Gilat sold 5,016,667 shares with gross proceeds of approximately $42.6 million and the selling shareholder sold 3,033,333 shares with gross proceeds of approximately $25.8 million.

Gilat said with the exercise of the underwriters’ over-allotment option, the aggregate net proceeds to Gilat from the offering were approximately $39.6 million.

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