- SenSen Networks (SNS) has raised $7.15 million through a placement which will fund its international growth strategy
- 57.2 million shares were issued to professional and sophisticated investors at 12.5 cents, which represents a 9.29 per cent discount to the 30-day volume-weighted average price
- The capital raise will also see ASX-listed VGI Partners Asian Investments (VG8) join SenSen’s register as a major shareholder
- SenSen develops artificial intelligence and video analytics solutions to the transportation and gaming sectors
- The company will recruit new executives in sales and marketing and project management roles as well as to continue expanding its business capabilities
- SenSen’s shares have dropped 8.57 per cent to trade at 16 cents
SenSen Networks (SNS) has raised $7.15 million which will fund its international revenue growth acceleration strategy.
A total of 57.2 million fully paid ordinary shares were issued to professional and sophisticated investors at 12.5 cents per share.
The issue price represents a 9.29 per cent discount to the 30-day volume-weighted average price (VWAP) of SenSen shares.
As part of the capital raise, ASX-listed VGI Partners Asian Investments (VG8) will join SenSen’s register as a substantial shareholder.
“SenSen is delighted to welcome global equities manager VGI Partners to the company. The fund’s focus on investing in businesses with a competitive advantage for the long term clearly aligns with SenSen’s strategic plans,” CEO Dr Subhash Challa said.
SenSen develops artificial intelligence and video analytics solutions to customers within the transportation and gaming sectors in Australia, the U.S., Canada, Singapore, Europe, New Zealand, India and the United Arab Emirates.
It has held long term relationships with various departments of transport through which it offers its technology that catches illegal or dangerous behaviour on the road to promote safety.
The latest cash injection will allow SenSen to recruit new executives in sales, marketing and project management roles, as well as for marketing and business development management initiatives.
The money will also help to extend its cost of goods sold (COGS) inventory for project development, provide more funding for research and development and enhance its capabilities in the U.S.
“Following a strong 2020 growth year for the company despite the global effects of COVID-19, this capital raising means we are now extremely well-positioned to execute the company’s aggressive expansion plans in 2021 and beyond,” Subhash concluded.
SenSen’s shares have dropped 8.57 per cent to trade at 16 cents at 10:12 am AEDT.