IN BRIEF: Seeing Machines raises GBP30.4 million via fundraise

Seeing Machines Ltd - Canberra-based driver monitoring technology - Raises GBP30.4 million ...

Alliance News 23 November, 2021 | 6:09PM
Email Form Facebook Twitter LinkedIn RSS

Seeing Machines Ltd - Canberra-based driver monitoring technology - Raises GBP30.4 million through a placing, subscription and retail offer of 277.1 million shares at a price of 11 pence per share.

Magna International Inc invested USD10 million as part of the placing. Stifel Nicolaus Europe Ltd acted as sole bookrunner, and Beech Hill Securities Inc as 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.

"The investment by Magna, a leading global automotive supplier, demonstrates our mutual desire to seek out opportunities of growth, where it makes sense and where we know we can be successful, together. We have been extremely pleased that many of our existing institutions in the UK and the US have seen fit to participate, including our largest shareholders, and we are delighted to welcome a number of new institutions into Seeing Machines, through what was a very successful and over-subscribed placing, testament to recognition of our ability to lead the DMS market," says Chief Executive Officer Paul McGlone.

Current stock price: 11.70 pence

Year-to-date change: up 70%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Seeing Machines Ltd 6.11 GBX -5.56 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.