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Pin to quick picksTekCapital Share News (TEK)

Share Price Information for TekCapital (TEK)

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Share Price: 8.75
Bid: 8.50
Ask: 9.00
Change: 0.05 (0.57%)
Spread: 0.50 (5.882%)
Open: 8.75
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Low: 8.75
Prev. Close: 8.70
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Tekcapital raises GBP2 million through placing and subscription

Thu, 29th Feb 2024 14:20

(Alliance News) - Tekcapital PLC on Thursday said it has raised GBP2.0 million through a placing and subscription of shares.

The London-based intellectual property investor said it has raised GBP2.0 million through a placing of 16.8 million shares priced at 10 pence each, together with a subscription of 3.1 million shares at the same price.

Shares in Tekcapital were down 9.2% to 9.99p each in London on Thursday afternoon. The company has a market cap of GBP17.8 million.

The funds will be used for various activities. It said GBP300,000 to complete the build-out and commercial deployment of Guident Ltd's new Remote Monitor and Control Centre; GBP500,000 for investment into Generative AI portfolio company opportunity, some will be used to repay a GBP600,000 loan; and the remainder of the funds raised will primarily be for additional working capital.

Chair Clifford Gross said: "We are pleased to consummate this funding round which will enable us to strengthen our balance sheet, complete the build-out of Guident's new RMCC to facilitate servicing its growing client base, and form a fifth portfolio company in the Generative AI space."

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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