- Digital loudspeaker technology company Audio Pixels (AKP) receives binding commitments for a $10 million placement
- The money will be raised through the issue of more than 714,000 ordinary shares to sophisticated and professional investors at $14 per share
- Earth Mountain Microelectronics has committed to the placement while subject to shareholder approval, 4F Investments will subscribe for between $2 to $2.3 million
- Audio Pixels will put the money towards development, marketing and working capital, as well as repay outstanding debt
- Audio Pixels ends the day 8.96 per cent in the red to close at $15.45
Digital loudspeaker technology company Audio Pixels (AKP) has received binding commitments for a $10 million placement.
The money will be raised through the issue of 714,286 ordinary shares to sophisticated and professional investors at $14 per share.
This price represents a 17.5 per cent discount to Audio Pixels’ closing price of $16.97 on August 23 and a 15.3 per cent discount to the five-day volume-weighted average price.
Earth Mountain Microelectronics – who are currently working with Audio Pixels to commercialise its speakers – has committed to the placement.
Further, subject to shareholder approval, 4F Investments has agreed to subscribe for between 142,858 and 165,358 shares equating to $2 to $2.3 million.
Audio Pixels will put the money towards development, marketing and working capital, as well as repay outstanding debt.
“We are delighted with the support for the placement, and welcome a number of new institutional investors to the register,” Chairman Fred Bart said.
“Audio Pixels would like to thank our existing shareholders for their continued support and we look forward to delivering on our strategy.”
Audio Pixels has ended the day 8.96 per cent in the red to close at $15.45.