- Business management app provider 9 Spokes (9SP) has completed its two tranche placement and raised $10 million
- Earlier this month the first tranche was completed for about $6 million and the second tranche of the placement was completed today, for the remaining $4 million
- Funds from the placement will be used to enhance the company’s platform and build its customer base
- Shares in 9Spokes closed 3.22 per cent higher on the market, trading for 3.2 cents
Business management app provider 9 Spokes (9SP) has completed its two tranche placement and raised $10 million.
Earlier this month the first tranche was completed with the issue of around 166 million shares for about $6 million. The placement was supported by existing institutional shareholders and a small number of new key Australian-based institutional investors.
The second tranche of the placement was completed today, allotting and issuing around 111.8 million shares to raise $4 million.
Funds from the placement will be used to enhance the company’s platform and build its customer base.
Co-founder and Chief Executive of 9Spokes Adrian Grant said the company is pleased with the completion of the placement.
“The Company is now funded for approximately two years based on current operations, enabling us to focus on continual enhancements of our platform, adding new app partners to our ecosystem, and most importantly, to focus on engaging new banking customers through our partnerships with Microsoft, Visa, and Fundation” he said.
Shares in 9Spokes closed 3.22 per cent higher on the market, trading for 3.2 cents.