- Netlinkz (NET) shares have dropped into the red after receiving commitments to raise $1.7 million via a 69 million share institutional placement
- The Australian software company announced it had successfully completed the institutional component of its fully underwritten one-for-4.2 entitlement offer announced on May 11
- Netlinkz shares were offered up to new and existing institutional investors at $0.025 apiece and are expected to hit the market on May 21
- Meanwhile, the company is gearing up for the retail component of the offer, which is hoped to raise a further $13.3 million before costs
- Netlinkz shares are down 7.14 per cent trading at 2.6 cents
Netlinkz (NET) shares have dropped into the red after receiving commitments to raise $1.7 million via a 69 million share institutional placement.
The Australian software company announced it had successfully completed the institutional component of its fully underwritten one-for-4.2 entitlement offer announced on May 11.
With shares on offer at $0.025 apiece, Netlinkz said the raise was “strongly supported” by new and existing shareholders, who are set to receive their combined 69 million NET shares on May 21.
Meanwhile, Netlinkz anticipates the retail component of the offer, which is due to open next week, is expected to raise approximately $13.3 million before costs.
Eligible retail shareholders on the May 13 record date are able to invest in the new shares will be able to take part in the offer.
The company affirms any shortfall under the retail entitlement offer has been fully sub-underwritten by Australian institutional investors, with Shaw and Partners acting as lead manager and underwriter on both the institutional and retail offering.
Netlinkz shares are down 7.14 per cent trading at 2.6 cents at 1:50 pm AEST.