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Sovereign Cloud Holdings Ltd (ASX: SOV) announced a $35m capital raise.

Sovereign Cloud Holdings Ltd (ASX: SOV) has announced that it is undertaking an equity raising, comprising of a placement to NEXTDC Ltd (ASX: NXT) together with a fully underwritten accelerated pro-rata non-renounceable entitlement offer to eligible institutional shareholders and eligible retail shareholders, to raise a total of approximately $35 million. The funds raised will largely be deployed to invest in customer growth capex and working capital required to scale AUCloud to critical mass, and invest in new cloud platforms in Brisbane, Melbourne and Adelaide.

Following the announcement, shares in Sovereign Cloud Holdings Ltd were flat amid a trading halt.

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