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9 Spokes (ASX:9SP) raises $4M to develop products
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  • Marketplace and insights company 9 Spokes (9SP) has raised $4 million to accelerate product development
  • A total of more than 266 million shares were issued to sophisticated and institutional investors at a price of $0.015 per share
  • Money raised will also be used to fund continued growth and general working capital
  • 9 Spokes has ended the day 6.25 per cent in the green with shares trading for 1.7 cents apiece

Marketplace and insights company 9 Spokes (9SP) has raised $4 million to accelerate product, software and infrastructure development.

A total of 266.7 million new ordinary shares were issued to sophisticated and institutional investors a an issue price of $0.015 per share.

Besides accelerating development, the money raised will also be used to accelerate the growth of new channel partners worldwide and provide additional working capital.

"Our new V2 platform is now launched and we are well-positioned to deepen existing partnerships to further grow ARR," Chief Executive Adrian Grant said.

"The visibility we have on that pipeline, if successfully executed, gives me confidence that we can further enhance our capabilities to achieve scale and profitability in the near-term," he added.

The placement will be completed in two phases, with phase one issuing 233.3 million shares.

The remaining 33.3 million shares will be issued as part of phase two, however, this is subject to shareholder approval at the general meeting of shareholders which will be geld as soon as practicable.

9 Spokes has ended the day 6.25 per cent in the green with shares trading for 1.7 cents apiece in a $16.13 million market cap.

9SP by the numbers
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