16th Aug 2019 15:51
(Alliance News) - LightwaveRF PLC on Friday raised GBP1.3 million through a discounted share placing and subscription, the proceeds of which will go towards accelerating business growth.
Earlier on Friday, the smart home technology firm launched the 7.0 pence per share in the fundraise. The placing price was equivalent to an 11% discount to the share price of LightwaveRF shares at the close on Thursday, at 7.88p each.
In total, LightwaveRF issued 18.6 million shares at the placing price. Of these, 10.0 million were through a firm placing with 5.8 million through a firm subscription and a final 2.7 million through a conditional subscription.
Shares in LightwaveRF were 6.7% lower at 7.35p in London on Friday, giving it a market capitalisation of GBP7.7 million.
Earlier on Friday, LightwaveRF explained the proceeds will be used to scale up its business for global expansion, expand its sales & marketing capabilities, and provide additional working capital for meeting operational requirements.