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- HSC Technology Group (HSC) has successfully undertaken a placement to raise roughly $3 million
- More than 176.4 million shares will be issued to institutional and sophisticated investors at 1.7 cents
- This price represents a 5.6 per cent discount to the company’s last closing price of 1.8 cents on December 17
- HSC will use the funds to boost its working capital, strengthen its balance sheet, and position it for future growth opportunities
- HSC has ended the day 5.56 per cent in the red with shares trading at 1.7 cents
HSC Technology Group (HSC) has successfully undertaken a placement to raise roughly $3 million.
The company entered a trading halt on Friday but did not disclose how much it intended to raise or what it would use the funds for.
All up, 176,470,588 shares will be issued to institutional and sophisticated investors at 1.7 cents.
This price represents a 5.6 per cent discount to HSC’s last closing price of 1.8 cents on December 17, and a 7.1 per cent discount to the five-day volume-weighted average price.
Shares are expected to be allocated on December 24.
“The strong demand for the placement demonstrates the market’s confidence in HSC, and how we are ideally positioned to take advantage of the growing demand for health technology,” Managing Director Graham Russell commented.
HSC will use the funds to boost its working capital, strengthen its balance sheet, and position it for future growth opportunities.
HSC provides technologies that allow seniors and those living with a disability to live independently in their own homes.
Its range includes HSC Home, which enables people to live independently and with ease, and HSC Care which uses artificial intelligence to offer a seamless health monitoring experience.
Products include safety and security devices, home automation, and sensors.
HSC has ended the day 5.56 per cent in the red with shares trading at 1.7 cents in a $30.78 million market cap.
