IN BRIEF: Checkit plans GBP21.0 million placing to fund expansion

Fri, 26th Nov 2021 12:20

Checkit PLC - Cambridge-based workflow management software provider - Plans share placing to raise GBP21.0 million at price of 46 pence per share. Placing price is 4.2% discount to Thursday's closing price. To use proceeds to "take advantage of the significant opportunities presented by the growing deskless worker industry" by accelerating its go-to-market strategy and strengthening product offering. Wants to expand sales reach, increase market share in North America and invest further in product.

"The directors expect to begin investing these funds immediately and intend to allocate approximately 50% of the net proceeds to the expansion of the group's sales reach and marketing initiatives, and approximately 50% to product development including the transition of BEMS to a SaaS model," company says.

Current stock price: 47.18p, down 1.7% on Friday

Year-to-date change: down 7.5%

By Lucy Heming;Â lucyheming@alliancenews.com

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