- Cybersecurity company Tesserent (TNT) receives binding commitments to undertake a $25 million placement
- More than 119 million shares will be issued to institutional, professional and sophisticated investors at 21 cents
- Tesserent will use the money to fund strategic acquisitions and deferred acquisition cash payments
- Shares are expected to settle on October 1 and be issued and begin trading on the ASX on October 4
- Tesserent’s shares are down 8.51 per cent and trading at 21.5 cents
Cybersecurity company Tesserent (TNT) has received binding commitments to undertake a $25 million placement.
The company entered a trading halt on September 24 but did not disclose how much it intended to raise or how it would spend the funds.
More than 119 million shares will be issued to institutional, professional and sophisticated investors at 21 cents which represents a 9.3 per cent discount to the 10-day volume-weighted average price of 23.2 cents.
Tesserent will use the money to fund strategic acquisitions and deferred acquisition cash payments including an upfront cash payment for the recently announced acquisition of Loop Secure.
Shares are expected to settle on October 1 and be issued and begin trading on the ASX on October 4.
Co-CEO Julian Challingsworth was pleased with the success of the placement.
“We are pleased at the success of this equity raising to support the enhancement of our core capabilities and operational footprint in strategic high growth locations with a focus on the federal government market,” Mr Challingsworth said.
“We are grateful to welcome new strong institutional shareholders to the TNT register and we thank existing institutional shareholders for their support.”
Shares in Tesserent were down 8.51 per cent on the market and were trading at 21.5 cents at 10:56 am AEST.