Dubber Corporation Limited (ASX: DUB) is into the designing and development of communication software. The company offers cloud call recording, saving and playback software. Dubber serves its customers worldwide.
The company, today on 3rd April 2019, updated that it has received firm commitments to raise $22 million via a placement to institutional and sophisticated investors (“Placement”). The company will issue 29,333,333 shares at $0.75 per share to sophisticated and professional investors under its placement capacity under ASX listing rules 7.1 and 7.1A. 15,589,633 shares will be issued according to LR 7.1A and 13,743,700 according to LR 7.1. The issue price of $0.75 per share exceeds the minimum price ASX listing rule requirement according to LR 7.1A.3. The Placement is anticipated to get completed in five business days.
The Placement price of $0.75 for each Placement share, represents a 9.6% discount to the company’s 5-day VWAP. These Placed shares will rank pari-passu with the existing ordinary shares. Morgans Corporate Limited has acted as the Lead Manager to the Placement.
The proceeds of Placement will enable the company to embark on its accelerated growth business plan and the primary areas of work being Wholesale, Dubber Connect (dubberconnect.com), Channel and Development.
Commenting on the successful capital raising, Dubber’s CEO, Steve McGovern, said that this is a noteworthy milestone for the company following strong growth across its key metrics.
He further said that the company has many opportunities, in which it will now invest in order to ensure that growth is accelerated and the company can consolidate and expand its market-leading position as a cloud platform designed for telecommunications service providers. He said that the management has a belief that call recording is a service, which a customer should be able to switch on immediately, without any technical or capital barriers as part of the standard phone service. The management also believes that every phone should and will have the capability for Artificial Intelligence offerings, served directly from the network to facilitate enhanced user experiences and business outcomes.
The company has a unique advantage through its operating leverage, that to-date has allowed the management to service the largest carriers in the world, in many different continents, with less than 60 employees. The management is geared up to invest in the next stage of growth to ensure that the company becomes the de-facto industry solution in its relevant market.
On the stock-performance front, the stock has posted the YTD return of 143.59%. The company also has posted returns of 113.48% and 134.57% over the past six and three months, respectively. At market close on 3rd April 2019, the stock of the company traded at a price of A$0.825, down 13.158% during the day’s trade with a market capitalisation of A$148.1 million. The stock opened the trading day at A$0.850, reached an intraday high of A$0.925, and touched an intraday low of A$0.815, with a daily volume of 3,327,557. It had a 52-week high price of $1.100 and a 52-week low price of $0.250, with an average volume of ~494,009.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.