22nd Nov 2021 17:56
Seeing Machines Ltd - Canberra-based driver monitoring technology - Plans to raise GBP29.7 million, through a placing, subscription and retail offer of 270.4 million new shares at a price of 11 pence per share.
Placing will be conducted through an accelerated bookbuilding process of which Stifel Nicolaus Europe Ltd will act as sole bookrunner, while Beech Hill Securities Inc acts as joint US placement agent.
Proceeds from the fundraise will go towards accelerating the development of new core software and systems, supporting an expansion into larger markets and expanding aftermarket sales and product portfolio into the EMEA and North America.
Canadian mobility technology firm Magna International Inc and Seeing Machines shareholder Lombard Odier Asset Management will take part in the proposed fundraise.
Current stock price: 12.00 pence, up 2.6% on Monday
Year-to-date change: up 74%
By Dayo Laniyan; [email protected]
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