- Semiconductor technology and equipment company Revasum (RVS) has completed the institutional component of its entitlement offer and raised $6.9 million
- More than 19.7 million new securities were issued at 35 cents
- The ASX-lister is now looking to raise an additional $1 million via the retail component which opens on February 8
- Revasum will use the funds to strengthen its balance sheet and market its 6EZ Silicon Carbide Single-Wafer Polisher
- Revasum has ended the day a slight 0.21 per cent in the green with shares trading at 47.5 cents
Revasum (RVS) has completed the institutional component of its entitlement offer and raised $6.9 million.
The semiconductor technology and equipment company entered a trading halt on January 28 but did not disclose how much it would be raising.
Revasum received full commitments, with 19,773,273 new securities issued to raise this sum.
Firsthand Venture Investors took up its full $5.4 million entitlement offer while Perennial also took up its full $1.2 million entitlement.
The company is now looking to raise an additional $1 million via the retail component which opens on February 8.
All up, 2,797,719 new securities will be issued at 35 cents.
As part of the entitlement offer, participants are able to subscribe for one new share or CHESS Depositary Interest (CDI) for every 3.5 shares or CDIs held.
Revasum will use the funds to strengthen its balance sheet, market its 6EZ Silicon Carbide (SiC) Single-Wafer Polisher, and provide working capital.
“With the silicon carbide wafer market experiencing significant growth, it is an exciting time for the company as a global leader in SiC single-wafer processing equipment design and manufacture,” Chairman Vivek Rao said.
“Demand for our equipment is being driven by growth in end markets including electric vehicles, 5G and solar. A strengthened balance sheet allows us to capitalise on this huge opportunity,” he added.
Revasum has ended the day a slight 0.21 per cent in the green with shares trading at 47.5 cents in a $37.52 million market cap.