CyanConnode to raise £3.2m to invest in radio mesh network
CyanConnode, a maker of narrowband radio mesh networks, is planning to raise about £3.2m in order to cover costs for growth and the integration of its technology with its partners.
Cyanconnode Holdings
8.30p
16:55 25/04/24
FTSE AIM All-Share
753.12
16:50 25/04/24
Technology Hardware & Equipment
1,920.18
16:30 11/04/24
The company will place 230.44m shares of 0.01p each, an 18% discount on the Thursday’s closing price, and there will be a subscription of 1.67bn shares, also for 0.01p each by way of an accelerated bookbuild.
The placing of new shares, which will be subject to shareholder approval at the next meeting on 3 April, represents about 10.7% of the CyanConnode’s issued share capital.
The funds raised will be used for staffing costs for the delivery of projects won, development solutions requested by customers, further develop its narrowband mesh network solutions, and invest in business development initiatives in emerging markets.
It will also be used to integrate CyanConnode's solution into additional tier one meter manufacturer partners, which will allow CyanConnode to target larger contracts.
CyanConnade were down 7.22% to 0.167p at 1025 GMT.