By Michael Susin
Surface Transforms said it intends to raise around 8 million pounds ($9.8 million) through a placing, and to raise up to a further GBP2 million pounds via an open offer, to fund its operations.
The U.K. manufacturer of ceramic brake discs said late Monday that it will place 80 million new shares at a price of 10 pence per share. This represents a 15% discount to Friday’s closing price of 11.5 pence a share prior to the announcement.
The company said the placing will be conducted by way of an accelerated bookbuild, which will be launched immediately.
The company added that proceeds from the fundraise will be used for working capital requirements.
Shares closed down 6.54% at 10.75 pence.
Write to Michael Susin at [email protected]
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