Aurrigo International PLC - Coventry, England-based autonomous and semi-autonomous vehicle technology provider - Proposes placing of at least 3.5 million new shares at 100 pence each, to raise a minimum of £3.5 million. The price is a 32% discount to Tuesday’s closing price. Also intends to raise further proceeds through separate retail offer to existing shareholders at the same price, so retail investors can participate in Aurrigo’s fundraising plans. Company is permitted to issue a maximum of 4.2 million shares in total.
Aurrigo says it will use proceeds for various 2024 goals like progressing new partnerships, continuing its product development roadmap, and accelerating future growth. Of the net proceeds, it will spend £1.5 million on customer rollout investments. Company also promotes Non-Executive Director Lewis Girdwood, a former Chief Financial Officer of Esken Ltd, to director of its Aviation Technology division.
Current stock price: 110.00p, down 25% in London on Wednesday
12-month change: up 42%
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