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Cybervan continues its positive momentum and after a series of interesting deals that lead it to the heart of the mainstream in the automotive industry it is submitting a confidential prospectus to the US Securities and Exchange Commission ahead of an IPO in New York.
Cyberwall announced not long ago that it was interested in signing up for trading on Wall Street but the concern was that the company was not yet ready for this move but recently the company’s board decided that it was ready to move and therefore submitted the draft prospectus with the intention that with the right momentum of Wall Street it could seize the opportunity and issue In New York.
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Recall that cybervan deals with car safety systems. In fact, the company’s system blocks the cell phone while driving and allows only phone calls and selected applications to operate while driving and thus it should minimize the distractions of the driver regarding the use of the cell phone.
In the past year, Cybervan has repaired its systems in vehicles of the Electric Company, Tnuva, ITC from Abu Dhabi and IVECO.
Last August, the company hired the services of investment bank Truist Securities to locate strategic investors in the automotive field as a preliminary move to an IPO on Wall Street. As of today the investment bank has not brought about such a deal and Cybervan decided that it should not be delayed and at the same time submitted the draft prospectus.
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