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- Buy now pay later company Zip Co (Z1P) raises $23.9 million from its recently closed share purchase plan (SPP), less than half the targeted $50 million
- The final issue price for the SPP is $1.48 per share, with a total of just over 16.2 million new Zip shares allotted to eligible shareholders
- The SPP shares were to be issued at either $1.90 each or a two per cent discount to the volume-weighted average price of the stock over the five-day period in the lead-up to April 1, whichever the lower
- The new shares are expected to start trading on the ASX on Monday, April 11
- Z1P shares down 5.18 per cent to $1.47
Buy now, pay later company Zip Co (Z1P) has raked in less than half the $50 million it was targeting from its recently closed share purchase plan (SPP), raising $23.9 million.
The final issue price for the SPP was set at $1.48 per share, with a total of just over 16.2 million new Zip shares allotted to eligible shareholders.
SPP shares were to be issued at either $1.90 each or a two per cent discount to the volume-weighted average price of the stock over the five-day period in the lead-up to April 1, whichever the lower.
The SPP comes after Zip recently completed a $148.7 million capital raise via an institutional share placement at an issue price of $1.90 per share.
The SPP shares are expected to be quoted on the ASX on Monday, April 11.
Z1P shares were down 5.18 per cent to $1.47 at 12:37 pm AEST.
