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- Fintech company 8common (8CO) has successfully completed its recent capital raise, walking away with $2.25 million in extra cash
- Under the placement, new shares were worth 13 cents each with over 17.3 million shares on offer
- The placement is expected to settle on October 28, with new shares to begin trading on the ASX by October 30
- 8common will use the extra $2.25 million to expand CardHero, the company’s integrated payment and expense management solution
- Following the release of the raise details, 8common has come out of a trading halt
- Shares in 8CO ended the day worth 14 cents each
8common (8CO) has successfully completed its recent capital raise, walking away with $2.25 million in extra cash.
The fintech company said it received firm commitments from investors as part of the share placement.
Under the offer, new shares were worth 13 cents each and over 17.3 million shares were available to buy.
The placement will settle on October 28, with new shares to begin trading on the ASX by October 30.
“8common are delighted with the strong response from the institutional investment community to the placement,” 8CO Executive Chairman Nic Lim said.
The fintech stock will use the $2.25 million raised to expand CardHero — the company’s integrated payment and expense management solution.
“The demand for corporate virtual and physical card payments are expected to continue to rise in tandem with consumer payments,” Nic explained.
“Our experience and position as a preferred supplier within the government and large corporate space has ensured we are well placed to deliver the CardHero platform and capture this growth opportunity,” he added.
Following the release of the raise details, 8common has come out of a capital raise related trading halt.
Shares in 8CO have ended the day worth 14 cents each, trading grey.
