Activeport Raises $6.8m in Placement
Key points
- Activeport received $6.68m in commitments from institutional and sophisticated investors
- Funds will strengthen balance sheet and provide working capital for revenue growth
- Company now fully funded for the foreseeable future
Full summary
Activeport Group Ltd (ASX: ATV) has announced that it has received firm commitments to raise $6.68 million (before costs) by way of a two-tranche placement to institutional and sophisticated investors. The placement was completed at $0.033 per share, representing a premium over the 15-day Volume Weighted Average Price (VWAP) of the shares of $0.0314. The funds raised will strengthen Activeport's balance sheet and provide working capital for revenue growth, with the company now fully funded for the foreseeable future. The placement, completed by Alpine Capital as sole lead manager, introduced high-quality domestic and international funds to the ATV register along with supportive high-net-worth investors. Directors and senior management have provided firm commitments for $680K of ATV shares at the offer price, subject to shareholder approval. The funds will be used to accelerate business development, sales and marketing, and product development as ATV takes advantage of significant tailwinds for orchestration software.
Outlook
With capital raising behind us, the entire team can focus 100% of our attention on delivering software and generating revenue as we strive to reach our goal of being cash flow positive in FY26.
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