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- Business analytics company 9 Spokes International (9SP) has issued $5.9 million in shares to complete the first tranche of a $10 million placement
- The placement was supported by existing institutional shareholders and a small number of new key Australian-based institutional investors
- Shares were issued at 3.6 cents each — a 6.9 per cent discount to the 10-day volume-weighted average price
- Once the full $10 million is raised, 9 Spokes anticipates it’ll be fully funded for two years, with the cash raised earmarked for key development objectives
- The company aims to roll out its 9spokes.com platform globally and to develop international banking and strategic partnerships
- 9 Spokes International is down 5.3 per cent to 3.6 cents
Business analytics company 9 Spokes International (9SP) has issued $5.9 million in shares to complete the first tranche of a $10 million placement.
Big raise
The first tranche of the placement was issued under the company’s existing placement capacity.
The second tranche is subject to shareholder approval at the company’s Annual General Meeting, which is expected to take place around September 25.
The placement was supported by existing institutional shareholders and a small number of new key Australian-based institutional investors.
Shares were issued at 3.6 cents each — a 6.9 per cent discount to the 10-day volume-weighted average price.
If and when the second tranche is completed, 9 Spokes will be ready for the next phase of development.
Big plans
Once the full $10 million is raised, 9 Spokes anticipates it’ll be fully funded for two years, with the cash raised earmarked for key development objectives.
The company plans to go global through the progressive international rollout of 9spokes.com and by building new overseas banking partnerships.
The company will also focus on continued strategic partner development with Visa U.S.A., Microsoft, and Fundation, and the continued refinement of the 9Spokes platform.
9 Spokes CEO Adrian Grant says he’s pleased the capital raise was so well supported.
“This interest in 9 Spokes demonstrates continued confidence in what we’re doing, the strategic direction we have taken the company, and the recent partnerships we have entered with Visa and Fundation,” Adrian said.
“Discussions with potential new banking clients under the Visa partnership are already underway and we see this as a great opportunity given Visa has a global distribution network of 15,500 financial institutions,” he added.
“With the release of our V2 platform in FY20, the signing of recent distribution partnerships with Visa and Fundation, and now a strong cash position, we look forward to focusing on our core objective of rapidly growing our user base both directly through 9spokes.com and with our partners,” Adrian concluded.
9 Spokes International is down 5.3 per cent to 3.6 cents as at 11:25 am AEST.
