Kyckyr Ltd (ASX:KYK) shares hit a high of 23 cents today, which was more than double where they finished yesterday at 10.5 cents.
The company has been in a trading halt since last Friday organising a capital raising which it revealed this morning pre-market.
Kycky has raised $5.2 million through a two-tranche share placement that included prominent technology entrepreneur Richard White as a cornerstone investor with 19.6% of the company.
White is best known as the founder and CEO of WiseTech Global Ltd (ASX:WTC), which listed on the ASX in April 2016 via an IPO offering shares priced at $3.35.
Wisetech shares are changing hands today at more than 10x that amount at around $35.70.
White sees growth opportunities for Kyckr
White commented: “I can see in Kyckr, a product, business and opportunity set that can be leveraged and accelerated to major advantage, and I am grateful to be able to help the company accelerate its growth ambitions both in the placement and, time permitting, occasional advice to the team.”
Kyckr’s CEO Ian Henderson added: “We are delighted by the support received from new and existing investors.
“It is particularly rewarding that someone of the calibre of Richard has become a strategic investor which validates the strong appeal in Kyckr’s technology and business proposition.
“The capital injection reflects the continuation of an exciting chapter of growth for the company in the ever-increasing global RegTech landscape.”