Dev Clever Holdings PLC - Tamworth, England-based software developer for immersive career guidance and consumer engagement experiences - Enters equity subscription agreement with Singapore-based investor One Nine Two Pte Ltd to raise up to GBP10 million. One Nine Two initially will subscribe for 20 million new Dev Clever shares at 20 pence each, raising GBP4 million. This is conditional only on Dev Clever shareholder approval at a general meeting to be held later this month. A second subscription for another 20 million shares at 30p will be automatically triggered if Dev Clever's share prices closes above 34.0p for five consecutive trading days within the next nine months. Dev Clever also has granted One Nine Two a warrant to buy a further 40 million shares at 50p within the next two years.
The agreement with One Nine Two follows the agreement last week with Intrinsic Capital Jersey Ltd, part of Asimilar Group PLC, to accelerate its own Dev Clever share subscription.
Dev Clever says it will use the cash to support growth, including its marketing efforts in India and distribution in the US, Canada and the UK. "We believe that Dev Clever has the potential to emerge as one of the clear market leaders in the EdTech space globally," says Chief Executive Officer Chris Jeffries.
Current stock price: 21.25p, up 12% on Tuesday
Year-to-date change: up 39%
By Tom Waite; thomaslwaite@alliancenews.com
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