- Sales software and platform provider Bigtincan (BTH) has raised $7.5 million in a massively oversubscribed share purchase plan (SPP)
- Initially, the company sought to raise $5 million, but applications more than triple that figure, prompting the board to bump up the size of the SPP
- Bigtincan now plans to issue 11.2 million shares for 67 cents each, the same issue price as its recent $35 million placement
- The combined $42.5 million equity raised will enable the company to push ahead with its fast-paced mergers and acquisitions strategy in the next financial year
- The company will also channel the funds into technology investments and capitalising on favourable software-as-a-service market conditions
- Bigtincan’s share price is down 3.05 per cent to 79.5 cents per share
Bigtincan (BTH) has raised $7.5 million in a massively oversubscribed share purchase plan (SPP).
Initially, the sales software and platform provider had sought to raise $5 million but received applications to the tune of $16.1 million. This prompted the board to increase the size of the SPP to $7.5 million.
Bigtincan now plans to issue 11.2 million shares next Tuesday for 67 cents each. These will commence trading on Thursday, June 25, 2020.
The SPP issue price is the same as the placement price of the recent $35 million placement to institutional shareholders.
Through both the placement and the SPP, Bigtincans raised $42.5 million, earmarked to support its mergers and acquisitions (M&A) strategy.
Since late 2017, the company has ticked off six M&A transactions as part of its growth strategy and intends to target further opportunities in the next financial year.
Further, Bigtincan plans to channel some of the funds into growing technology investments and capitalising on what it describes as software as a service market tailwinds.
Bigtincan’s share price is down 3.05 per cent to 79.5 cents per share at 12:35 pm AEST.