- Shekel Brainweigh (SBW) has extended the closing date of its Share Purchase Plan until 5pm next Friday, January 14
- The company cites festive season distractions and COVID-19 delays for the slow response, and claims eligible investors received SPP materials later than expected
- The company hopes to raise $1.6M to build on its growth opportunities
- The funds will be additional to the $1.3M raised through a Placement last month
- Shares have been trading at the 20c issue price, but the company claims the SPP allows investors to increase their holdings, whilst helping the company to grow
Shekel Brainweigh (SBW) has extended the closing date of its Share Purchase Plan until 5 pm next Friday, January 14.
The company cites festive and holiday season distractions and COVID-19 delays for the slow response, and claims eligible investors received SPP materials later than expected.
The extended SPP follows the company’s announcement earlier this week, that it had achieved a record revenue of $31.5 million (unaudited) across its Scales and Retail Innovation businesses in FY2021. The result is 23 per cent higher than the previous year.
Through the SPP, the company hopes to raise $1.6 million to build on its growth opportunities and for research and development, as well as sales and marketing. The funds will be in addition to the $1.3 million raised through a placement last month.
Whilst SBW’s share price has come down to meet the SPP issue price of 20 cents, Shekel Brainweigh’s Australian Manager Danny Nadri said investors would be assisting the company’s growth by participating in the capital raising.
“One shareholder can buy $30,000 (150,000 shares in the SPP) and that’s not available on the screen at all,” he said.
“If you buy from the new shares that are issued, you help the company to grow – it’s a win-win.”
Mr Nadri is in New York where the company is hosting a booth at the NRF retail exhibition next week.
Shekel Brainweigh shares last traded at 20c at 3:09 pm AEDT.