The total of 159,198,946 new shares that comprise the shortfall from the entitlement offer will be issued to Patersons Securities and any sub-underwriters in accordance with the underwriting agreement, to raise a total of about $5.3 million.
Additional placement to sub-underwriters
Due to demand from shareholders and sub-underwriters for the rights issue and shortfall, 9 Spokes has secured a placement of up to 43.5 million shares at an issue price of 1.6 cents to raise up to an additional $696,000, being the limit of the available placement capacity.
These shares will be issued to the sub-underwriters of the entitlement offer.
The purpose of the placement is for 9 Spokes to raise additional operating capital to facilitate ongoing product development and new business.
9 Spokes’ third banking partner, Bank of New Zealand Ltd (BNZ), recently went live with the company’s white-label digital business insights dashboard – MyBusiness Live.
The partnership between 9 Spokes and BNZ creates a powerful platform that brings together key business data with BNZ core banking information to give small and medium businesses (SMB) a comprehensive view of their business performance, all in one place.