HIGHLIGHTS:


  • Nuheara raises A$9.0 million at $0.092 per share, representing a 2.5% discount to the 15-day VWAP
  • Strong demand from new and existing institutional investors
  • Proceeds from placement will be used to fund aggressive retail expansion plans, new product development and provide working capital for continued retail expansion

Nuheara Limited (“Company” or “Nuheara“), Australia’s only ASX-listed consumer wearables technology company, is pleased to announce that it has successfully completed an institutional placement raising A$9.0 million.

Investors will be issued approximately 97.8 million new ordinary shares at A$0.092 per share (“Placement”), which represents a 2.5% discount to the 15-day VWAP and a premium of 2.8% to the 30-day VWAP since last closing on 17 July 2017.

Justin Miller, Nuheara’s CEO, said “This significant placement to a small group of institutional funds, at only a minor discount to our recent trading prices, is testament to Nuheara’s recent corporate achievements and growth as well as its long-term vision and strategies.”

Net proceeds from the Placement will be used to fund:

  • The working capital necessary to continue to support the rapid retail uptake of IQbudsTM with our current and future retail partners
  • Evolutionary product developments of the current IQbudsTM platform, with new and enhanced hardware and software features
  • Broadening the product platform with new products to suit markets beyond consumer electronics, particularly as it relates to an individual’s hearing health
  • Further development of the Company’s intellectual property portfolio, with the ongoing submission of provisional patent applications related to the Company’s next generation of products

“In 18 months, Nuheara has delivered its first wearable prototype in January 2016, to now selling its IQbudsTM – with acclaimed reviews – in major retail chains around the world. The Placement will fund our aggressive global sales growth but also, lays the foundation for the future development of the Company through new research and product development. In the short term, we are now well placed to pursue both.” – Justin Miller

Moelis Australia Advisory Pty Limited acted as bookrunner and lead manager to the Placement.

Settlement for the new ordinary shares taken up under the Placement is expected to occur on Tuesday, 25 July 2017. The Placement shares will be issued under the Company’s available ASX Listing Rule 7.1 placement capacity.

Nuheara expects ASX to lift the trading halt and for the shares to recommence trading on ASX from market open on Thursday, 20 July 2017.


Contacts
Australia
Justin Miller
CEO and Managing Director
+61 8 6555 9999
justin.miller@nuheara.com


About Nuheara
Nuheara is an innovative audio Wearables company. It has developed proprietary hardware and software to deliver multi-functional intelligent hearing technology that augments a user’s hearing and facilitates cable free connection to smart devices. With Nuheara’s IQbudsTM, consumers are able to augment their hearing according to their personal hearing preferences and connect hands free with their voice enabled smart devices. Nuheara’s mission is to improve people’s lives by allowing them to seamlessly listen, communicate and connect to their physical and digital world. Learn more about Nuheara: www.nuheara.com.

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