- Tech company Calix (CXL) has successfully raised $5 million through a heavily oversubscribed share purchase plan (SPP)
- The technology stock received around $20 million worth of applications, prompting CXL to extend the raise from $3 million to $5 million
- Calix also raised an additional $14 million through a placement, with the funds to be spent on its ESG investment acceleration program
- Under both the SPP and placement, new shares were priced at $2 — representing an 11.1 per cent discount
- Company shares are currently trading at $2.22 per share, up 0.45 per cent
Tech company Calix (CXL) has successfully raised $5 million through a heavily oversubscribed share purchase plan (SPP).
The technology stock received around $20 million worth of applications, prompting CXL to extend the initial raise amount from $3 million to $5 million.
It explained the allocation of shares under the offer will be based on a shareholder’s holding, with a sliding scale-back to be implemented.
Calix also raised a further $14 million through a recent share placement, with the funds to be spent on the company’s ESG investment acceleration program.
This includes its battery development program, development programs for water, CO2 migration, and other biotech and sustainable processing projects.
“We have an exciting portfolio of projects in our development pipeline and the strong level of support received from existing shareholders further validates our strategy of providing solutions to a range of global sustainability challenges,” CEO and Managing Director Phil Hodgson said.
“We look forward to accelerating our ESG investment program, which we believe will both deliver value to shareholders and address critical sustainability challenges around the world,” he added.
Under both the SPP and placement, new shares were priced at $2 — representing an 11.1 per cent discount to the last trading price of $2.25 on March 16.
Company shares have ended Tuesday’s trading session up 0.45 per cent at $2.22 per share.