- Nuheara raises $4 million at $0.05 per share, representing a 9.1% discount to the closing price on Tuesday, 2 July 2019.
- Strong demand with over 80% of raising placed with existing shareholders.
- Placement cornerstoned by Farjoy Pty Ltd, Nuheara’s largest shareholder.
- Proceeds from placement will be used to fund an increase in sales and marketing activity to support new and existing products and accessories.
5 July 2019 – Perth, Australia
Nuheara Limited (ASX: NUH) (“Company” or “Nuheara“), transforming the way people hear by creating smart hearing solutions that are accessible and affordable, is pleased to announce that it has completed a capital raising of $4 million (before costs) to institutional and sophisticated investors.
The capital raising was by way of a placement of 80,000,000 fully paid ordinary shares at an issue price of $0.05 per share to professional and sophisticated investors.
The issue price of $0.05 per share represents a discount of approximately 9.1% to the closing price on Tuesday, 2 July 2019.
Proceeds from placement will be used to fund an increase in sales and marketing activity to support new and existing products and accessories. Nuheara believes that greater customer awareness plus targeted advertising will aid the pathways being established for future sales.
Nuheara also thanks its shareholders for their support of this equity raising. Over 80% of the placement went to existing shareholders. The Directors note that Farjoy Pty Ltd has increased its shareholding to 9.6%.
Settlement of the placement is expected to occur on Friday, 12 July 2019. The placement shares are to be issued under Nuheara’s ASX Listing Rule 7.1 placement capacity and do not require shareholder approval.
Rawson Lewis Pty Ltd acted as lead manager for the equity raising.
CONTACTS
Australia
Justin Miller
CEO and Managing Director
+61 8 6555 9999
[email protected]
Media
Ranya Alkadamani
+61 434 664 589
[email protected]
About Nuheara
Nuheara is a global leader in smart personal hearing devices which change people’s lives by enhancing the power to hear. Nuheara has developed proprietary and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable free connection to smart devices. Nuheara is based in Perth, Australia and has an office in New York, USA. Nuheara was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbudsTM, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. Nuheara products are now sold in major consumer electronics retailers, professional hearing clinics and optical chains around the world.
The Company’s mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable.
Learn more about Nuheara: www.nuheara.com.
