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ShareRoot chairman acquires more than 1.6 million shares in rights issue

The company provides a software as a service (SaaS) platform for social media marketing.

Chick has led both public and private companies

ShareRoot Limited (ASX:SRO) chairman Julian Chick has acquired more than 1.6 million fully paid ordinary shares through participation in the company’s rights issue.

The transaction brings Chick’s total shareholding to more than 4 million ordinary shares as well as 3 million unlisted options at an exercise price of 0.6 cents until February 2023, 2.5 million at 0.5 cents until May 2023 and 11 million at 0.5 cents until May 2024.

READ: Shareroot appoints new chairman to advance digital health focus

The company raised $780,000 following the rights issue which closed earlier this month after raising $509,612.

Funds raised will be used to scale the existing revenue-generating digital client services and complete and launch new technology products and roll out marketing campaigns.

Chick was appointed as chairman in May 2019 after the resignation of Harvey Kaplan.

He is an executive with more than 25 years of experience in the biotech and medical technology industry, as well as five years in investment banking.

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