Adslot Ltd (ASX: ADS) has announced a $3.8m capital raising
Adslot Ltd (ASX: ADS) has announced the successful closing of a share Placement for $1.8m to new and existing institutional and sophisticated investors. In addition, the Company intends to undertake a fully underwritten 1-for-17 pro rata non-renounceable Entitlement Offer at the same price as the Placement to raise an additional $2m. The funds raised from the Placement and the Entitlement Offer will be used to ensure stability while the Company completes its strategic review, and continue execution of the Company’s strategy with focus on the development of trading fees via Adslot Media in the US market.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in Adslot Ltd remained in a trading halt.
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