- Harvest Technology Group (HTG) has entered a trading halt this morning prior to announcing an $11.1 million entitlement offer
- The partially underwritten entitlement offer will include the issue of 53 million shares priced at 21 cents each, which marks an 8.7 per cent discount to the last closing price
- Harvest will use the money to execute the second phase of its three-phase strategic plan which involves expansion, forming a defence supplier division and releasing the enhanced Nodestream software application and new remote inspection system
- The company is still in a trading halt and expects to recommence trading by December 15. Shares last traded at 23 cents on December 10
Harvest Technology Group (HTG) entered a trading halt this morning prior to announcing an $11.1 million equity raise.
Based in Australia, Harvest Technology enables remote industrial operations with livestreaming high-definition video, remote equipment control, and problem resolution on any device anywhere in the world.
The company announced a one-for-10 accelerated non-renounceable entitlement offer to raise $11.1 million through the issue of 53 million shares.
Shares will be priced at 21 cents each, which marks an 8.7 per cent discount to the last close price of 23 cents on December 10 and an 11.2 per cent discount to the five-day volume-weighted average price of 24 cents.
The entitlement offer is partially underwritten and comprises an institutional and retail component, with the institutional portion to be completed first.
Harvest plans to use the money for the second phase of its three-phase strategic plan. Phase two includes customer sales and marketing activities, developing industry partners and networks, expansion into Europe, ongoing research and development, increased global customer support services and forming a defence supplier division.
Importantly, this phase also involves the tech stock releasing the enhanced Nodestream software application and new remote inspection system. This will be followed by integrating Nodestream into the Opsivity platform.
CEO Paul Guilfoyle commented on HTG’s strategy.
“Harvest has continued to deliver on its Three-Phase Strategic Plan in recent years, culminating in the establishment of a number of key partnerships with global technology leaders,” he said.
“These partnerships coupled with our strong technology platform, high global technology demand and substantial pipeline underpin our goal to significantly grow revenue through 2022 and beyond.”
The company is still in a trading halt and expects to recommence trading by December 15. Shares last traded at 23 cents on December 10.