Deltex Medical Group PLC on Wednesday said its shares have resumed trading on London’s AIM market following the completion of a £1.9 million fundraising and capital reorganisation programme.
Deltex Medical shares plummeted 81% to 0.21 pence each on Wednesday morning in London.
In July, Deltex said it had conditionally raised about £1.7 million through a placing of and subscription to 833.0 million shares at a discounted issue price of 0.20p each. Deltex shares were suspended at 1.10p per share on June 23.
Based on this, Deltex said it raised £1.9 million in total from the placing, subscription and retail offer. In total, 943.6 million shares were issued in relation to the fundraise.
The Chichester, England-based maker of blood circulation monitoring systems said the fundraising will allow it to implement its updated strategy, which focuses on creating recurring revenue streams, promoting its new monitor, and developing its non-invasive suprasternal device.
The company noted that the funds raised will enable further cost-cutting and restructuring measures.
Chief Executive Andy Mears said: ‘We are pleased to announce the completion of the fundraise and the capital reorganisation. With a strengthened balance sheet, the board and management can now concentrate on driving the business forward and delivering growth.’
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