TPI provides its latest research note on DeepVerge plc (DVRG.L).

Deepverge has announced its intention to raise £10.0 million (gross) through a conditional placing and subscription (the ‘Placing’) of c.33.3 million new ordinary shares with existing and new investors at an issue price of 30 pence each.

Comprising two tranches, the first of which (£6.33 million) is based on existing authorities, while the second (£3.12 million) plus the Subscription (£0.55 million) remain subject to shareholder approval that will be sought through a General Meeting on 23 June 2021.

The funds will be used to scale operations, meet increased demand and expand revenues faster across the Group. Reflecting primarily the major investment and growth opportunity it now finds itself presented with, Deepverge’s business model has focussed on the application of artificial intelligence (‘AI’) to life science and environmental health test services for bacteria, viruses and toxins, capable of servicing a global community that is highly incentivised to ensure no possibility of Pandemic conditions repeating in coming years.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to DeepVerge plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.

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