07:37 AM EDT, 09/09/2025 (MT Newswires) -- Gilat Satellite Networks ( GILT ) said Tuesday it secured $66 million in commitments from Israeli institutional and accredited investors in a private placement of ordinary shares.

The company will sell over 7 million shares at $9.35 each, which marks a 6.3% discount to the seven-day volume-weighted average price, it said.

The new shares will likely represent nearly 11% of outstanding stock once the deal closes, which is expected in September, subject to customary conditions, Gilat said.

Net proceeds are estimated at roughly $65 million and will likely be used for general corporate purposes, according to the company.

Gilat shares were down more than 4% in recent Tuesday premarket activity.