- Hearing technology company Nuheara (NUH) completes its share purchase plan (SPP) with applications totalling more than $1.06 million
- Eligible shareholders were able to subscribe for up to $30,000 worth of shares at an issue price of 1.6 cents
- On December 23, Nuheara announced it would be undertaking a $7.6 million capital raising, consisting of an institutional investment, placement and a SPP
- Nuheara said it would use the money from the capital raising to support growth opportunities, including obtaining 510(k) approval for a wireless hearing aid
- Shares in Nuheara are down 2.94 per cent on the market and are trading at 1.7 cents
Hearing technology company Nuheara (NUH) has completed its share purchase plan (SPP) with applications totalling $1,067,200.
Eligible shareholders were able to subscribe for up to $30,000 worth of shares at an issue price of 1.6 cents.
Around 66.7 million ordinary shares will now be allocated today and are expected to be quoted on the ASX on January 25.
On December 23, Nuheara announced it would be undertaking a $7.6 million capital raising, consisting of an institutional investment, placement and an SPP.
Under the investment, US-based Healthcare 2030 agreed to invest $3 million in Nuheara by making a prepayment for subscription shares. Nuheara is expected to issue the shares within 18 months.
For the placement, 101,312,500 new fully-paid ordinary shares were issued to professional and sophisticated investors at 1.6 cents to raise $1.62 million.
Nuheara said it would use the money from the capital raising to support growth opportunities including obtaining 510(k) approval for a Class II, self-fitting air conduction, wireless hearing aid.
The company also said the money will go towards its newly developed range of hearing aid products to support its planned expansion in the United States.
“The combination of the recently completed placements and the SPP will provide us with additional capital to execute on our growth plans, and rapidly scale our business globally, particularly in the US where tremendous once-in-a-generation opportunities are in front of us,” Co-Founder and CEO Justin Miller stated.
Shares in Nuheara were down 2.94 per cent on the market and were trading at 1.7 cents at 3:37 pm AEDT.