- Security solutions provider RightCrowd (RCW) has successfully raised $4 million by placing 22,222,222 ordinary company shares
- The funds raised will boost the company’s balance sheet, support revenue growth and accelerate product manufacturing
- In particular, RightCrowd will ramp up production of its Presence Control software, such as digital badgeholders — a social distancing monitoring solution
- Demand for such solutions continues to grow amid the ongoing COVID-19 pandemic
- RightCrowd shares are grey at market open, trading for 24 cents
Security solutions provider RightCrowd (RCW) has successfully raised $4 million by placing 22,222,222 ordinary company shares.
Under the placement, the company’s fully paid ordinary shares were issued at $0.18 per share. The shares were issued under RightCrowd’s 15 per cent placement capacity.
Prior to the placement, the company had approximately 199.29 million ordinary shares on issue, roughly 90 per cent of its total. Now, there are approximately 221.51 million ordinary issued shares in RightCrowd, representing 100 per cent of ordinary shares on issue.
The placement’s predominant subscribers were Australian Ethical Investment (AEF) and Ellerston Capital. RightCrowd says the placement also allowed the company to introduce a new institutional investor to its shareholder base.
The funds raised during the placement will help boost the company’s balance sheet, as well as support current revenue growth projections. Most importantly, the $4 million will assist in accelerating RightCrowd’s manufacturing of products.
The company provides a variety of software solutions for security, safety, and compliance to large multi-national companies. However, most funding will be directed specifically towards RightCrowd’s COVID-related products and solutions.
In particular, the company will be able to ramp up production of its digital badgeholders — a social distancing monitoring solution. The placement proceeds will allow RightCrowd to secure a larger quantity of components in the supply chain, enabling accelerated manufacturing.
The badgeholders are a key component of RightCrowd’s Presence Control software solutions, which include social distancing and contact tracing. Demand for such solutions continues to grow amid the ongoing COVID-19 pandemic. In fact, the initial onset of the virus earlier this year saw a significant increase in the rate at which RightCrowd products were adopted.
RightCrowd shares are grey at market open, trading for 24 cents at 10:32 am AEST.