EQTEC PLC (AIM: EQT) has announced an equity placement of approximately £850,000, priced at 1.4p per ordinary share, which is an 18% discount from the closing price on May 24th.
This placement will lead to the issuance of 60,887,490 ordinary shares, plus an additional 2,435,499 new shares to cover related fees.
The proceeds will be used for working capital and to support the company’s previously announced strategic pivot.
Chief Executive David Palumbo said, “This placing, together with the recent refinancing through the term loan, provides the company with a clear capital runway to develop and execute our strategic pivot.
“We look forward to updating the market on upcoming pipeline developments and the closing of the Logik settlement soon. We appreciate our shareholders’ continued support during this transitional period.”
The new shares will be admitted to AIM under EQTEC’s existing share authorities.
