- Audinate Group (AD8) taps investors for $50 million via a fully underwritten placement
- The company will issue 3.8 million new shares at $13 each
- AD8 is also launching an SPP in a bid to raise a further $20 million
- Funds will be used toward driving organic growth, accelerating video growth and exploring bolt-on M&A opportunities
- Audinate Group slipped nearly 10 per cent, trading at $13 at 12:37 pm AEST
ASX300 company Audinate Group (AD8), developers of the AV-industry-leading Dante media networking solutions, has tapped investors for $50 million through a placement.
The company will issue 3.8 million new shares at an issue price of $13 each, representing a 7.8 per cent discount to the five-day volume-weighted average price (VWAP).
The allotment of new shares is scheduled for September 13.
AD8 announced the placement was fully underwritten and supported by its existing institutional shareholders as well as new institutional investors.
The demand for the placement exceeded the company’s initial target of $50 million, prompting the company to announce a share purchase plan (SPP) to raise an additional $20 million.
“We greatly appreciate the support of existing shareholders and the opportunity to bring some new investors onto the register,” AD8 CEO Aidan Williams said.
The fresh funds will be directed towards organic growth, accelerating video growth and exploring bolt-on M&A opportunities.
AD8 shares slipped nearly 10 per cent, trading at $13 at 12:37 pm AEST.