- Fintech company QuickFee (QFE) has successfully completed its $15 million placement, a day after announcing it
- Yesterday, QuickFee announced teaming up with Splitit (SPT) to launch a new product in across the U.S. and Australian markets
- The product allows QuickFee clients to pay their invoices in four instalments in Splitit’s system
- The $17.5 million capital raise, which comprises the $15 million placement and a $2.5 million share purchase plan, is funding the launch of this product
- More than 25 million shares will now be issued to new and existing shareholders at 58 cents
- The share purchase plan will open on September 28 and eligible shareholders will be able to subscribe for up to $30,000 worth of shares
- QuickFee is down 4.69 per cent and shares are trading for 61 cents
Fintech company QuickFee (QFE) has successfully completed its $15 million placement, a day after announcing it.
Yesterday, QuickFee announced it had teamed up with Splitit (SPT) to launch a new product in the U.S. and Australian markets.
This new product allows QuickFee clients to pay their invoices in four instalments in Splitit’s system.
QuickFee also announced it would be undertaking a $17.5 million capital raise to fund the launch of this product.
This capital raise consists of a $15 million placement and a $2.5 million share purchase plan.
Placement
All up, 25,862,068 shares will be issued to new and existing institutional and sophisticated investors at 58 cents.
This price represents a 9.4 per cent discount to the last close price and a 16.4 per cent discount to the 15-day volume-weighted average price (VWAP)
Shares are expected to settle on September 24 and be allocated and begin trading on the ASX on September 25.
Share purchase plan
Under the share purchase plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares.
Shares will be priced lower than the placement and have a five per cent discount to the five-day VWAP.
The plan will open on September 28 and close on October 12. Shares will settle on October 15 and begin trading on the ASX on the following day.
“The funds from the placement will allow us to add significant scale to our team for customer acquisitions, predominantly in the U.S., and funding for the anticipated growth of the receivables book following the launch of the interest free product,” CEO Bruce Coombes said.
QuickFee is down 4.69 per cent and shares are trading for 61 cents each at 11:48 am AEST.