- Just one day after announcing a share placement, music specialist Jaxsta (JXT) has successfully tapped sophisticated and professional investors for $4 million
- Jaxsta revealed yesterday its plans to place just over 53.7 million shares at 7.5 cents each to raise the funds
- This price represents a 10 per cent discount to the company’s last closing price before the placement was announced
- Today, Jaxta completed the capital raise, with the new funds to enhance and promote the Jaxta Pro Tiered subscription launch
- The company said some of the funds will also go towards expanding some business activities around its Big Data Application Programming Interface
- Jaxsta’s core business is a massive music database that provides details of every person involved in a song’s creation process
- The company credits composers, studio mixers and personnel, production teams and more, so users know exactly who was involved in the making of a particular song
- Shares in Jaxsta are up over 7 per cent this afternoon to trade at 8.8 cents each
Just one day after announcing a share placement, music specialist Jaxsta (JXT) has successfully tapped sophisticated and professional investors for $4 million.
The company revealed the details of the placement on Wednesday, March 17, under which it planned to place just over 53.7 million shares at 7.5 cents each to raise the funds. This price represents a 10 per cent discount to the company’s last closing price before the placement was announced.
Today, Jaxsta told shareholders it has already completed the placement and raised $4.029 million.
The company said the fresh influx of cash will be used to enhance and promote its Jaxta Pro Tiered subscription launch, as well as to expand some business activities around its Big Data Application Programming Interface (API).
Jaxsta Co-Founder and CEO Jacqui Louez Schoorl said the support the company received from investors for the placement was “phenomenal”.
“The value of Jaxsta to the music industry has never been clearer than it is
today,” Jacqui said.
“Jaxsta is at an inflection point as we commence revenues in April from our API solutions and move to our new tiered Jaxsta Structure in the coming months,” she said.
The new shares issued under the placement will hit the market on Wednesday, March 24.
Music credit where credit is due
Jaxsta’s core business is a massive music database that provides details of every person involved in a song’s creation process.
Rather than just the name of the main performer, band or record label, looking at a song on Jaxtsa’s database shows the names of all composers involved, the production and engineering teams involved, and even studio mixers and personnel.
This way, users can find new material based on who’s actually behind a song rather than the name or brand used to market the song.
Shares in the music company are up 7.22 per cent this afternoon to trade at 8.8 cents each at 3:20 pm AEDT. Jaxsta has a $22.57 million market cap.