Micronet Enertec Technologies Inc (NASDAQ: MICT) shares were punished Monday following the announcement of a 555,556-share private placement at $0.90 per share.
Last week, the company, based in Montvale, New Jersey, announced third-quarter results, which included total revenue increasing by 29% to $6.93 million for the third quarter of 2017 as compared to $5.35 million in Q3 2016. Gross profit margin for the 3rd quarter of 2017 was 23%, as compared to 14% in the prior quarter and 20% in the 3rd quarter of 2016.
Research and development expense for the third quarter of 2017 was $676,000, or 10% of sales, as compared to $476,000, or 9% of sales, in the third quarter of 2016.
Net loss proved $1.30 million, or ($0.18) per basic and diluted share, as compare to the net loss of $1.29 million, or ($0.22) per basic and diluted share, for the third quarter of 2016.
According to CEO David Lucatz, "We are extremely pleased to see the growing backlog and we believe this demonstrates the market's acceptance of our advanced technology and solutions.”
The shares took a beating Monday of 22 cents, or 15.6%, to $1.19.
