Yorkville Advisors, the investment manager to YA Global Master SPV, has entered into an equity financing in Israel by closing a USD10m standby equity purchase agreement with Orckit Communications.
Orckit is a dual listed Nasdaq and Tel Aviv Stock Exchange company that facilitates telecommunication providers’ delivery of high capacity broadband residential, business and mobile services over wireline or wireless networks.
The transaction represents Yorkville’s sixth equity financing in Israel and the third in Israel’s technology sector. Yorkville’s funds have also completed financings in the Israeli real estate and healthcare sectors.
Pioneered nine years ago by Yorkville Advisors, a standby equity purchase agreement enables a company to raise discretionary funds by issuing new equity based on market price.
“We have seen increased Israeli market interest in our financings and have partnered with a number of growth companies listed on the Tel Aviv Stock Exchange," says Wayne Coy, senior vice president at Yorkville Advisors.
Shmulik Yannay, a representative of Yorkville based in Tel Aviv, adds: “Israel has always been considered a prime source for unique and cutting edge companies and Yorkville provides effective capital facilities to address their needs.”
