- Nuheara successfully completes oversubscribed $5 million equity raise.
- Strong demand from existing and new institutional investors.
- Proceeds of the placement will be used to fund an increase in inventory levels of IQbuds BOOST™ following the product’s recent announcement to the UK NHS hearing aid supply contract.
- Placement will also fund an increase in related sales and marketing activities and the development and manufacture of new products including IQstream TV and IQbuds MAX.
4 December 2018 – Perth, Australia
Nuheara Limited (ASX: NUH) (“Company” or “Nuheara”), transforming the way people hear by creating game-changing hearing solutions that are accessible and affordable, is pleased to announce the successful completion of a $5 million capital raise (before costs) to institutional and sophisticated investors.
The placement of approximately 66.6 million shares is at an issue price of 7.5c, representing approximately a 4% discount to the most recent closing price and a 10% discount to the 30-day Volume Weighted Average Price.
The raising of $5 million will assist Nuheara in achieving its planned objectives for the next 6 months, namely to:
- increase sales and marketing activities of IQbuds BOOST™;
- increase inventory levels of IQbuds BOOST™ to support new contracts including the UK NHS hearing aid contract, announced on 28 November 2018 and due to commence in April 2019; and
- manufacture and development of new products including IQstream TV and IQbuds MAX.
Nuheara is delighted to announce that the equity raising was cornerstoned by many of the Company’s existing institutional shareholders including Nuheara’s largest shareholder Farjoy Pty Limited.
Settlement and issue of the new fully paid ordinary shares taken up under the placement is expected to occur on Friday, 7 December 2018. The placement shares will be issued under the Company’s available ASX Listing Rule 7.1A placement capacity and does not require shareholder approval.
APP Securities Pty Limited and Patersons Securities Limited acted as Joint Lead Managers for the Placement.
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 Intelligent Hearing: smart personal hearing devices that enhance and amplify human experiences. 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 offices in San Francisco and 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, IQbuds™, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. IQbuds™ are now sold in major consumer electronics retailers and professional hearing clinics around the world. The Company’s mission is to improve people’s lives by allowing them to seamlessly listen, communicate, and connect to their physical and digital worlds.
Learn more about Nuheara: www.nuheara.com
