- Online stock trading business SelfWealth (SWF) wants to raise $12 million to help accelerate its growth strategy and begin offering cryptocurrencies
- The company launched a $10 million placement and $2 million share purchase plan on Thursday, after placing its shares in a trading halt
- Under both offers, shares will be priced at 39 cents each — a 9.3 per cent discount to the stock’s last trading price
- SWF says the placement is not underwritten and won’t require shareholder approval to go ahead, while the SPP will open next week
- Company shares last traded for 43 cents each
Online stock trading business SelfWealth (SWF) wants to raise $12 million to help accelerate its growth strategy and begin offering cryptocurrencies.
The company launched a $10 million placement and $2 million share purchase plan (SPP) on Thursday, after placing its shares in a trading halt.
Under both offers, shares will be priced at 39 cents each — a 9.3 per cent discount to the stock’s last trading price.
SWF explained the placement was not underwritten and won’t require shareholder approval to go ahead.
The results from the placement were due to be released next Monday, July 19, while the SPP is due to open on July 23 and close by August 6.
The finance business said it would use all of the funds raised to accelerate investment in its growth strategy.
This includes broadening SWF’s current product offerings to include cryptocurrencies, alongside Australian and US shares.
It also includes expanding the companies marketing strategy, boosting SWF’s headcount, and implementing a data and analytics strategy.
Before today’s trading halt, SelfWealth shares were trading for 43 cents per share on July 14.