Allot (ALLT) said late Tuesday that it commenced a public offering of ordinary shares.
Allot will offer underwriters a 30-day overallotment option to buy up to an additional 15% of common shares sold in the offering, the company said.
The company plans to use the net proceeds to repay $31.4 million outstanding under the senior convertible promissory note with a face value of $40 million issued to its largest shareholder, Lynrock Lake Master Fund, according to a statement.
Lynrock will convert the remaining $8.6 million of outstanding under the note into common shares, the company said.
Shares were down over 10% in after-hours trading.
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