- Nuheara raises A$6.0 million at $0.095 per share, representing the 20-day VWAP
- Strong demand from existing institutional investors
- Launch of Senior Technology will initially feature in 15 US stores with 600 BOOST™ units.
- Proceeds from placement will be used to fund an increase in inventory levels of IQbuds BOOST™, an increase in related sales and marketing activities, the mass production and launch of LiveIQ™ and for general working capital
8 June 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 $6 million equity raising from Australian institutional investors.
The placement of approximately 63.2 million shares is at an issue price of 9.5c, no discount to the 20- day Volume Weighted Average Price.
The raising of $6 million will assist Nuheara in achieving its planned objectives for the next 6-9 months, namely to:
- increase sales and marketing activities of IQbuds™ and IQbuds BOOST™;
- increase inventory levels of IQbuds BOOST™; and
- mass production and launch of LiveIQ™, expected for release in Q4 2018.
Mr Justin Miller, Nuheara’s Managing Director said, “Today’s equity raising is validation of Nuheara’s recent successful launch of our IQbuds BOOST™ product, where due to strong initial consumer and retail demand, we have now had to increase our June production levels. Positively, in light of the popularity of BOOST™, as well as our continued geographical retail expansion into new major markets such as Japan, Nuheara has now needed to add more financial resources.”
Nuheara is delighted to announce that existing shareholder Farjoy Pty Limited (“Farjoy”) has cornerstoned the equity raising. Farjoy is a well-known family office and well regarded small cap investor. Amongst investments are cornerstone shareholdings in the ASX listed Medlab Clinical (MDC.AU), Battery Minerals (BAT.AU) and Mineral Deposits (MDL.AU). Farjoy is also a top 20 shareholder in each of WH Soul Pattinson, New Hope, Brickworks and TPG Telecommunications.
Settlement and issue of the new fully paid ordinary shares (“Shares”) taken up under the Placement is expected to occur on Thursday 14 June 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 acted as Bookrunner and Lead Manager for the Placement.
CEO and Managing Director
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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