4th Jul 2023 09:22
(Alliance News) - WANdisco PLC on Tuesday confirmed it completed a USD30 million fundraise, as it attempted to have its shares resume trading on the AIM market and recover investor support after suffering a fraud earlier this year.
The Sheffield, England-based data migration platform said it issued 47.5 million new shares which represented 71% of the company's total prior to the fundraise. The details of the offer plan were announced on Monday.
Of the new shares, a total of 21.6 million were placed by Liberum Capital Ltd and Stifel Nicolaus Europe Ltd, acting as joint bookrunners, at the offer price of 50 pence per share, raising USD13.6 million gross.
Stifel Nicolaus also is acting as AIM nominated adviser to WANdisco.
The remaining 26 million shares were subscribed for from the company at the same price, raising another USD16.4 million gross.
Existing major shareholders Global Frontiers Investments LLC and Davis Capital Partners LLC subscribed for 4.3 million and 5.5 million shares, respectively. Global Frontiers previously had a 15% stake and Davis Capital 9.9%.
"The company consulted with and received strong support from many of its largest shareholders prior to the fundraise," WANdisco said.
The fundraise followed WANdisco's suspension of trading in its shares in March, after uncovering signs of possible "fraudulent irregularities" on its books, days after announcing it was exploring a potential US listing.
In May, the company said it will cut its global headcount by 30%.
WANdisco on Tuesday said it expects to publish its 2022 results this week, after which it will ask to have the suspension of its shares on AIM to be lifted on Friday. The shares have been suspended from trading since the start of April.
By Will Neill, Alliance News reporter
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