POLY XVERSE IT raises $2.47M in share placement at 16% discount
What's the deal? POLY XVERSE ITDealroom has a profile for this one. Try Dealroom → is placing up to 29.713 million new shares at 34 sen each to raise up to US$2.42M. The price marks a roughly 16% discount to the stock's 40.5 sen close on October 2.
The terms: The new shares represent about 16.67% of the enlarged share capital. They will go to no fewer than six independent placees, with the placing agent working to keep any single buyer from becoming a substantial shareholder.
What's the endgame? Net proceeds are earmarked for business operations and general working capital.
The signal: A discounted share placement is a fast way for a listed company to top up cash without taking on debt. The trade-off is dilution for existing shareholders — the price of raising capital quickly on the open market.
Read more: longbridge.com
Image credit: Ken Lund
