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.
Seeing Machines (SEE)