- Airtasker (ART) launches $6.25 million capital raise to acquire Australia’s third largest local services platform Oneflare
- Co-founder and CEO Tim Fung says bringing together Airtasker and Oneflare will “create Australia’s number one marketplace for local services” and in turn provide customers with greater access to services
- The company says the total purchase price is $9.8 million, including the equity raise and $2.25 million cash
- Airtasker is currently in a trading halt and last traded at 51 cents per share
Airtasker (ART) has launched a a $6.25 million capital raise to acquire Australia’s third largest local services platform Oneflare.
Oneflare provides higher value services including trades, home improvement and professional services to customers.
Co-founder and CEO Tim Fung said Oneflare combined with Airtasker will “create Australia’s number one marketplace for local services”.
The company says it means customers will have access to a greater range of local services and skills, along with faster response times, whilst creating more job opportunities.
The total purchase price of $9.8 million comprises of $7.55 million Airtasker shares and $2.25 million in cash.
The $6.25 million capital raise will see an underwritten placement of 14.5 million new shares at 43 cents per share.
The placement is expected to settle on 11 May, 2022 and the shares issued under the placement will be issued on 12 May, 2022.
Airtasker Directors will subscribe for $3.55 million in the placement, which will be subject to shareholder approval.
ART is currently in a trading halt, with shares last traded at 51 cents.