- Fintech company 8Common (8CO) receives binding commitments to undertake a $3.78 million placement
- A total of 21 million shares will now be issued to institutional and sophisticated investors at 18 cents apiece
- Shares are expected to settle on August 10 and be issued and begin trading on the ASX on August 11
- 8Common will use the proceeds to support product and infrastructure enhancements, and pay obligations associated with CardHero
- Shares in 8Common are up 7.89 per cent, trading at 20.5 cents at 2:33 pm AEST
Fintech company 8Common (8CO) has received binding commitments to undertake a $3.78 million placement.
The company entered a trading halt only yesterday but did not disclose the amount it intended to raise or how it would use the funds.
A total of 21 million shares will now be issued to institutional and sophisticated investors at 18 cents apiece.
This price represents a five per cent discount to 8Common’s last trading price of 19 cents on August 2.
Shares are expected to settle on August 10 and be issued and begin trading on the ASX on August 11.
8Common will use the proceeds to support product and infrastructure enhancements, and pay obligations associated with CardHero.
Executive Chairman Nic Lim said the funds from the placement would also help the company accelerate the commercial implementation of CardHero, driving an exciting period of growth for the company.
“Our CardHero platform continues to gather momentum and we will be rolling it out early in FY22 to our cornerstone customer, not-for-profit, Life Without Barriers.”
Shares in 8Common were up 7.89 per cent, trading at 20.5 cents at 2:33 pm AEST.