Bigtincan (ASX:BTH) shares trade strong today; here’s why

December 14, 2022 02:55 PM AEDT | By Khushboo Joshi

Bigtincan (ASX:BTH) shares trade strong today; here’s why — Image source: © Rawpixelimages | Megapixl.com

Key highlights from the market update shared by Bigtincan:

The company which provides AI-powered sales enablement automation platform, announced that it has successfully completed a AU$30 million institutional placement.
The placement will provide significant capital management to enable future growth opportunities.
Bigtincan will also undertake a share purchase plan that will offer eligible shareholders the right to apply for up to AU$10,000 of new fully paid ordinary shares at the same issue price as the placement to raise up to AU$5 million.
During the placement process SQN Investors reaffirmed their non-binding, conditional, indicative proposal to acquire Bigtincan for 80 cents per share.
Bigtincan shared that it has been getting inbound enquiries from other interested parties. However, discussions are preliminary and Bigtincan is focusing on executing its strategic plan. The company informed there is no certainty that any interest will lead to a transaction.
Bigtincan shared that it is on track to achieve its FY23 guidance of Annualised Recurring Revenue in the range of AU$137 million – 143 million and revenue in the range of AU$123 million – AU$128 million. BTH stated it will update the outlook after the completion of acquisitions.

Recent share price performance of Bigtincan on the ASX:

The shares of the global software company have shed 8.66% in the last five trading days on the ASX. In the last one month, the shares have tumbled by 13.43% on the ASX. However, in the past six months, the shares have moved up by 26.09% on the ASX. In the last one year of trading, the BTH shares have lost 41.41% and on a year-to-date basis, the shares have shed 44.76%. During the last five years of trade on the ASX, BTH shares have gained 123.08%.

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