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9 Spokes raises $4 million to support growth of company

The funds raised, in conjunction with existing cash reserves, will support the continued growth of the company and ongoing product development as 9 Spokes builds further scale.

9 Spokes International Ltd - 9 Spokes raises $4 million to support growth of company
The placement has been well supported by sophisticated and professional investors

9 Spokes International Ltd (ASX:9SP) has raised $4 million in a placement that was well supported by sophisticated and professional investors, including a number of new key institutional investors.

Funds raised will be used to accelerate the growth of new channel partners worldwide, accelerate product, software and infrastructure development, and provide 9SP with additional working capital.

The company will issue a total of 266.7 million new ordinary shares at an issue price of 1.5 cents per share.

9 Spokes chief executive Adrian Grant said: “Our new V2 platform is now launched and we are well-positioned to deepen existing partnerships to further grow ARR.

“The visibility we have on that pipeline, if successfully executed, gives me confidence that we can further enhance our capabilities to achieve scale and profitability in the near term.”

Two tranches

The placement will be completed in two tranches, with tranche one consisting of around 233.3 million shares to be issued within the company’s placement capacity under ASX listing rule 7.1 and 7.1A.

Tranche two will consist of around 33.3 million shares to be issued subject to shareholder approval at a general meeting of shareholders to be held as soon as practicable.

Indicative timetable

Settlement of tranche one placement shares is expected on January 29 with allotment of the tranche one placement shares expected to follow on January 31.

The meeting for approval of issue of the tranche two placement shares is anticipated to be held on or around February 26.

The settlement of tranche two placement shares, subject to shareholder approval, is expected on or around February 28.

Allotment of these shares is expected on March 2, subject to shareholder approval.

Tool for business

9 Spokes is a business tracking and insights tool that enables small and mid-size businesses to harness the power of their data to improve performance.

SMBs can connect their cloud software to the 9 Spokes platform and use the Tracker tool to get a comprehensive, near real-time picture of how they are performing.

Quick facts: 9 Spokes International Ltd

Price: 0.023 AUD

ASX:9SP
Market: ASX
Market Cap: $27.19 m
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on 15/5/19

2 min read