6th May 2020 16:24
(Alliance News) - Immotion Group PLC, a virtual reality out-of-home entertainment group, on Wednesday said it has completed its previously announced share placing, raising GBP1.4 million in total.
The company has placed 54.1 million shares at 2.5 pence per share. The stock was down 24% at 2.66p on Wednesday afternoon in London.
Immotion earlier on Wednesday said it plans to issue 52 million shares through an accelerated bookbuild process at 2.5p each to raise GBP1.3 million.
The fundraising was undertaken by the company to shore up its balance sheet so it can trade through an extended period of disruption resulting from the Covid-19 pandemic.
By Tapan Panchal; [email protected]
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