- Israeli scale manufacturer Shekel Brainweigh (SWB) has secured firm commitments to undertake a $2.1 million placement
- More than 13.1 million shares will be issued to institutional, professional and sophisticated investors at 16 cents
- This price represents a 15.8 per cent discount to Shekel Brainweigh’s last closing price of 19 cents on January 13
- The company will primarily use the funds to speed up the development and market strategy of its ‘Product Aware Technology’
- This technology uses artificial intelligence (AI), sensors and deep learning models that can convert any standard shelf to an AI Smart Shelf
- These smart shelves know what item is taken off and put back on to keep up inventory and demand
- Shekel Brainweigh has ended the day 8.11 per cent in the red with shares trading at 17 cents
Israeli scale manufacturer Shekel Brainweigh (SWB) has secured firm commitments to undertake a $2.1 million placement.
The company entered a trading halt on January 14 but did not disclose how much it would be raising or what it would use the funds for.
All up, 13,125,000 shares will be issued to institutional, professional and sophisticated investors at 16 cents.
This price represents a 15.8 per cent discount to Shekel Brainweigh’s last closing price of 19 cents on January 13.
Additionally, shareholders will receive one free attaching option for every two shares issued under the placement. These options will be exercisable at 32 cents with expiry 12 months from issue.
Shekel Brainweigh will primarily use the funds to speed up the development and market strategy of its ‘Product Aware Technology’.
This technology uses artificial intelligence (AI), sensors and deep learning models that can convert any standard shelf to an AI Smart Shelf.
These smart shelves know what item is taken off and put back on to keep up inventory and demand.
“With a strengthened balance sheet, best-in-class technology, global distribution and long-term clients, Shekel is positioned for very rapid growth in demand across multiple growth opportunities,” Chairman and CEO Arik Schor said.
“The global retail market posted for transformation in the aftermath of the COVID-19 crisis, with an accelerating shift towards autonomous shopping, and we are excited to be at the forefront of product innovation in this space,” he added.
Shares are expected to settle on January 22 and be allocated and begin trading on the ASX on January 25.
Shekel Brainweigh has ended the day 8.11 per cent in the red with shares trading at 17 cents in a $25.71 million market cap.