(Alliance News) - Trackwise Designs PLC on Friday said it has raised GBP11 million through the placing issue of 5.5 million shares at 200 pence each as it announced plans to raise a further GBP1 million.
The placing price represents a 45% discount to the Thursday closing price of 368.00p. Shares in the printed circuit boards manufacturer were trading 13% lower at 317.00p each on Friday morning in London, giving it a market capitalisation of GBP70.1 million.
Trackwise said it raised GBP11 million through the placing of almost 5.5 million shares and a subscription for 10,000 shares, adding it plans to raise a further GBP1 million through the issue of up to 502,582 new shares pursuant to an open offer also at 200p each.
The company stated the new cash will be used to fund an increase in the manufacturing capacity of its Improved Harness Technology in anticipation of an uptick in demand following the signing of a new GBP38 million deal with an electric vehicle maker.
"It has been a transformational twelve months for Trackwise, and the recent major agreement with an electric vehicle manufacturer demonstrates the significant traction our Improved Harness Technology is gaining in the market. We are delighted by the support shown by new and existing investors, providing us with the means to deliver against our growing pipeline of revenue opportunities across our primary target markets of EV, Medical and Aerospace, thereby maximising our long-term growth," said Trackwise Chief Executive Philip Johnstone.