FirstWave Cloud Technology Limited (ASX: FCT) announced completion of $14.9 million capital raising transaction started on 21 May 2020. The Retail component comprised of 4 for 5 entitlement offer of new shares. Some highlights of the raise include:
- Retail Entitlement Offer raised approximately $9 million at 4.5 cents per New Share.
- The offer represents the second stage of the Company's $14.9 million equity raising, which included an institutional placement and Entitlement Offer
- The retail component received a strong take-up rate of 82% from eligible shareholders increasing the total take to $7.3 million
- Funds will be aimed at maximizing returns from a significant global opportunity facing FCT
Roughly 200.4 million New Shares will be issued under the Retail Entitlement Offer and are expected to be allotted on 16 June 2020 which will trade on the ASX on following day.