- Nuheara (NUH) has tapped investors for $4.4 million to accelerate its US market growth
- Under the placement, Nuheara will issue 30.3 million new shares at 14.5 cents per share – a 3.6 per cent premium to its last closing price
- The placement is being supported by its three largest shareholders, Realtek, Farjoy and Salter Brothers
- The proceeds will enable Nuheara to accelerate commercialisation in the US market with its FDA-cleared self-fit hearing aid, the HP Hearing PRO
- NUH shares last traded at 14 cents at 11:20 am AEST
Nuheara (NUH) has secured firm commitments from existing and new institutional investors to raise $4.4 million to accelerate its US market growth.
Under the placement, Nuheara will issue 30.3 million new fully paid ordinary shares at 14.5 cents apiece. The issue price represents a 3.6 per cent premium to the company’s last closing price on June 2.
A significant portion of the share placement was supported by Nuheara’s three largest shareholders, Realtek, Farjoy and Salter Brothers, and the proceeds will enable the company to accelerate commercialisation in the US market.
NUH launched its US FDA-cleared self-fit hearing aid, the HP Hearing PRO, which garnered US interest and increasing demand.
Nuheara Co-founder and Managing Director Justin Miller said the placement offered NUH the opportunity to scale up sales and production.
“We are very encouraged by the strong level of support shown by existing investors, I would like to thank our existing shareholders for their continued support,” Mr Miller said.
“We see huge potential for Nuheara’s medical device in the very attractive US market, as well as other international markets.”
The placement will be undertaken in two tranches, with the first comprising 24.2 million shares to raise approximately $3.5 million.
Tranche two is conditional and comprises the issue of over six million shares to Realtek to raise $880,000, subject to obtaining shareholder approval through a shareholder meeting set for July 2023.
NUH shares last traded at 14 cents at 11:20 am AEST.