Join our daily newsletter At The Bell to receive exclusive market insights
- Traffic Technologies (TTI) has raised $3.4 million to repay existing debt and bolster its working capital balance
- The traffic management company raised the extra funds via a rights issue, which opened on November 11 and closed on December 3
- The business had hoped to raise $10.3 million, but only received subscriptions for $3.4 million β leaving a $6.73 million shortfall
- TTI will place the shortfall shares in the coming months, with the company noting it received “substantial interest” in the original rights issue
- Shares in Traffic Technologies opened Wednesday at 3.1 cents
Traffic Technologies (TTI) has raised $3.4 million to repay existing debt and bolster its working capital balance.
The traffic management company raised the extra funds via a rights issue, which opened on November 11 and closed on December 3.
The technology stock had hoped to raise $10.3 million through the rights issue, but only received subscriptions for $3.4 million β leaving a $6.73 million shortfall.
TTI plans to place the shortfall amount via wholesale investors who are eligible to participate in the coming months.
Meanwhile, over 113 million new shares will be issued under the rights issue, with the securities to be released on December 10.
The company said it received “substantial interest” from existing shareholders with around 200 applications received altogether.
It plans to use the funds to pay down debt, fund strategic acquisitions, cover the costs of the rights issue and bolster its working capital.
Shares in Traffic Technologies opened Wednesday trading at 3.1 cents each.
