Dropsuite (ASX:DSE) - CEO, Charif El Ansari
CEO, Charif El Ansari
Source: Dropsuite
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  • Cloud backup and archiving software provider Dropsuite (DSE) receives binding commitments to undertake a $20 million placement
  • Approximately 95.2 million new fully paid ordinary shares will be issued to institutional and sophisticated investors at 21 cents
  • Shares are expected to settle on August 20 and be allocated on August 23
  • Dropsuite will use the money to accelerate its growth objectives, advance merger and acquisition opportunities, and strengthen its balance sheet
  • Dropsuite ends the day 10.6 per cent in the red with shares trading at 21 cents

Cloud backup and archiving software provider Dropsuite (DSE) has received binding commitments to undertake a $20 million placement.

Approximately 95.2 million new fully paid ordinary shares will be issued to institutional and sophisticated investors at 21 cents.

This price represents a 10.6 per cent discount to Dropsuite’s last trading price and a 12.6 per cent discount to the 15-day volume-weighted average price.

Shares are expected to settle on August 20 and be allocated on August 23.

Dropsuite will use the money to accelerate its growth objectives, advance merger and acquisition opportunities, and strengthen its balance sheet.

Managing Director Charif El-Ansari commented on the placement.

“These funds will enable Dropsuite to further strengthen and deliver on its mission of safeguarding business information by actively pursuing high-conviction complementary acquisition opportunities,” Mr El-Ansari said.

“Our focus is on identifying opportunities that strongly align with our strategy, allowing us to more rapidly expand our suite of products and our global partner footprint. This will ensure we remain well-positioned to benefit from the strong tailwinds and structural growth drivers within the backup and recovery sector.”

Dropsuite has ended the day 10.6 per cent in the red with shares trading at 21 cents in a $136.2 million market cap.

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