23rd Apr 2019 10:24
LONDON (Alliance News) - Driver monitoring technology firm Seeing Machines Ltd said Tuesday it raised GBP31.6 million through a discounted share sale.
Seeing Machines raised GBP27.8 million through a 925.6 million share placing at 3.0 pence per share. A further GBP3.8 million was raised from the issue of 126.8 million shares through an open offer to shareholders at the same price.
Shares in Seeing Machines were 0.8% lower at 3.05 pence on Tuesday, down 27% since the start of 2019.
In total, Seeing Machines will issue 1.05 billion shares following the capital raise. Following admission - expected on Wednesday - the firm will have 3.37 billion shares outstanding.
In late March, Seeing Machines had said it would raise GBP27.8 million through the placing as well as opening the offer to shareholders. The offer to shareholders could have seen up to 226.7 million shares issued, to raise up to GBP6.8 million.
"We are very pleased with the continued support of our shareholders," Seeing Machines Chief Executive Officer Ken Kroeger said on Tuesday. "The automotive and fleet sectors are increasingly recognising the risks posed by driver inattention and fatigue in single vehicles as well as across commercial and passenger transport."
"These additional funds will be instrumental in ensuring that we are well placed to continue to leverage the market opportunities as they rapidly grow and evolve", Kroeger added.
Related Shares:
Seeing Machines