Total
0
Shares
8Common (ASX:8CO) - Executive Chairman, Nic Lim - The Market Herald
Executive Chairman, Nic Lim
Source: 8Common
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Fintech company 8Common (8CO) receives binding commitments to undertake a $3.78 million placement
  • A total of 21 million shares will now be issued to institutional and sophisticated investors at 18 cents apiece
  • Shares are expected to settle on August 10 and be issued and begin trading on the ASX on August 11
  • 8Common will use the proceeds to support product and infrastructure enhancements, and pay obligations associated with CardHero
  • Shares in 8Common are up 7.89 per cent, trading at 20.5 cents at 2:33 pm AEST

Fintech company 8Common (8CO) has received binding commitments to undertake a $3.78 million placement.

The company entered a trading halt only yesterday but did not disclose the amount it intended to raise or how it would use the funds.

A total of 21 million shares will now be issued to institutional and sophisticated investors at 18 cents apiece.

This price represents a five per cent discount to 8Common's last trading price of 19 cents on August 2.

Shares are expected to settle on August 10 and be issued and begin trading on the ASX on August 11.

8Common will use the proceeds to support product and infrastructure enhancements, and pay obligations associated with CardHero.

Executive Chairman Nic Lim said the funds from the placement would also help the company accelerate the commercial implementation of CardHero, driving an exciting period of growth for the company.

"Our CardHero platform continues to gather momentum and we will be rolling it out early in FY22 to our cornerstone customer, not-for-profit, Life Without Barriers."

Shares in 8Common were up 7.89 per cent, trading at 20.5 cents at 2:33 pm AEST.

8CO by the numbers
More From The Market Herald
MoneyMe (ASX:MME) - CEO & Managing Director, Clayton Howes - The Market Herald

" MoneyMe (ASX:MME) forms funding partnership with PEP

Fintech stock MoneyMe (MME) has formed a strategic funding partnership with Australian investment firm, Pacific Equity Partners (PEP).
Kogan.com (ASX:KGN) - Kogan Founder and CEO, Ruslan Kogan - The Market Herald

" Openpay Group (ASX:OPY) signs deal with Kogan.com

Openpay Group (OPY) has signed an agreement to deliver its OpyPro business-to-business platform to online retailer, Kogan.com.
Zip Co (ASX:Z1P) - Global CEO and Cofounder, Larry Diamond - The Market Herald

" Zip Co (ASX:Z1P) makes strategic move into India

Zip Co (Z1P) has announced plans to invest in Indian buy now, pay later (BNPL) operator ZestMoney.
Kina Bank (ASX:KIN) - MD and CEO, Greg Pawson - The Market Herald

" Kina Securities (ASX:KSL) sees $420 million acquisition terminated

Financial services company Kina Securities (KSL) has terminated its agreement to purchase Westpac’s Pacific business.