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- X2M Connect (X2M) completes its $3.97 million entitlement offer
- The institutional component raised $2.26 million with a number of shareholders taking up their full entitlement
- The retail offer raised $1.33 million and the company also received oversubscribed firm commitments of $380,000 from existing and new shareholders
- All new shares and options issued under the offer were issued on August 19, and are expected to commence trading next week
- Shares in X2M are down 10.5 per cent, trading at 8.5 cents as of 1:08 pm AEST
Internet-of-Things technology company X2M Connect (X2M) has completed its $3.97 million entitlement offer.
The one-for-three accelerated non-renounceable entitlement offer was made up of an institutional and retail component at an issue price of 8.5 cents.
Participants of the offer will receive one free attaching option for every two shares, exercisable at 16 cents each on or before August 31, 2024.
The institutional component raised $2.26 million with a number of shareholders taking up their full entitlement, which shortfall was oversubscribed and taken up by a combination of existing and new institutional and sophisticated shareholders.
The retail offer raised $1.33 million and the company also received oversubscribed firm commitments from existing and new shareholders for the $380,000 balance.
The company said there were approximately 4.48 million shortfall shares and 2.24 million attaching options following closure of the retail entitlement offer.
CEO Mohan Jesudason said he was pleased with the success of the entitlement offer and level of support received from existing shareholders and new investors.
“This raising has shown that our shareholders share our confidence in the growth potential of X2M as we continue to deliver what we have promised.”
All new shares and options issued under the offer were issued on August 19, and are expected to commence trading on August 22.
Shares in X2M were down 10.5 per cent, trading at 8.5 cents as of 1:08 pm AEST.
