Proceeds expected to Drive Strategic Growth Initiatives, Strengthen Financial Position, and Support Orgad’s Expansion
AIRPORT CITY, Israel, Dec. 31, 2024 /PRNewswire/ — MySize Inc. (NASDAQ: MYSZ), a leader in technology-driven solutions for the retail market, today announced (as previously disclosed in a Current Report on Form 8-K filed with the SEC on December 30, 2024) that it raised $3 million through the exercise of certain outstanding warrants. These proceeds add to the company’s existing financial resources, enhancing its financial position, and supporting the growth of its business.
MySize is focused on providing innovative AI and big data-driven solutions to reduce returns and increase conversion rates for retailers, empowering them to optimize operations and enhance customer satisfaction. This additional capital is expected to enable the company to accelerate advancements in its technology offerings while also supporting Orgad’s growth as a dynamic digital merchant specializing in apparel and shoes.
The new funds are expected to support key strategic initiatives, including:
- Expanding Orgad’s Capabilities: we intend to use the proceeds to enhance operational efficiencies, grow inventory, and expand Orgad’s reach across leading e-commerce platforms, driving higher revenues and market share.
- Pursuing Strategic M&A Opportunities: we intend to leverage our improved financial position to identify acquisitions that complement our focus on AI-driven solutions for the retail sector.
- Advancing Technology and Product Development: we intend to accelerate R&D efforts to further develop our suite of AI and big data solutions and deliver enhanced tools for retailers to improve operational efficiency and customer experiences.
- Scaling Sales and Market Expansion: we expect the funds to boost sales efforts and increase market penetration towards supporting the achievement of the company’s ambitious milestones set for 2025.
Ronen Luzon, CEO of MySize Inc., commented:
“This $3 million injection positions MySize to expand our impact in the retail market through innovative AI and big data solutions. Additionally, Orgad is expected to benefit from this funding as we scale its operations and expand its footprint on leading e-commerce platforms. Together, these efforts align with our strategy to drive growth towards achieving our 2025 milestones so that we can create sustainable value for shareholders.”
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ) is a global leader in omnichannel e-commerce platforms and AI-driven sizing solutions, including MySizeID and Naiz Fit. The Company’s solutions are designed to drive revenue growth, reduce operational costs, and enhance customer experiences for business clients worldwide.
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For more information, visit www.mysizeid.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to its strategic and business plans, technology, relationships, objectives, expectations for its business, growth and use of proceeds with respect to the recent warrant exercise. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For more information, please contact:
Or Kles, CFO
Email: [email protected]
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SOURCE My Size Inc.
