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Osirium Technologies PLC - Berkshire, England-based cybersecurity firm - Intends to raise GBP1 million through a placing of 10.6 million shares at 6.0 pence each to secure GBP635,557, and a subscription of 6.1 million shares to net GBP364,443.
Issue price reflects a 40% discount to the company's 10p closing price on Thursday.
Proceeds from the fundraise will go towards scaling the business through more digital sales and marketing, retaining the recurring licence renewals and further product innovation.
Looking ahead, assessing its go-to-market strategies for long term shareholder value, Osirium expects the company to raise additional capital during the second half of 2022.
"Privileged access is increasingly recognised as a core requirement for IT security, and Osirium's privileged solutions, which offer enterprise grade security but without unnecessary complexity and protracted implementation, continue to represent a compelling proposition for organisations across the public and private sectors. The proceeds from this placing and subscription will enable us to fulfil the next stage of our growth strategy. Through investments into our operations, these funds will allow us to capture this growing demand in the UK and internationally and deliver long-term shareholder value," said Chief Executive Officer David Guyatt.
Current stock price: 6.02 pence, down 40% on Friday
12-month change: down 76%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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