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Marley Spoon (ASX:MMM) - CEO, Fabian Siegel (left) - The Market Herald
CEO, Fabian Siegel (left)
Source: The Business Journals
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  • Meal kit provider Marley Spoon has completed its fully underwritten $56 million institutional placement
  • The money raised will be used for the company's global growth strategy, infrastructure services and balance sheet flexibility
  • Under the oversubscribed placement, more than 17.4 million chess depository interests (CDI's) will be issued at $3.22 each
  • Shares in Marley Spoon closed 31.2 per cent lower for $2.40

Marley Spoon (MMM) has raised $56 million via an institutional placement to fund its global growth strategy.

The company provides a 'market fresh and easy cooking' meal kit service and has a market capitalisation of $660.3 million.

Money raised from the underwritten placement will be used for the company's global growth strategy and balance sheet flexibility. The company will also use the cash to fund investments into infrastructure to service growth.

The oversubscribed placement had support from domestic and international institutional investors, including both existing security holders and new investors.

Over 17 million chess depository interests (CDI's) will be issued at $3.22 each, which is a 5 per cent discount to MMM's one-day volume weighted average price on October 22. The new CDI's will rank equally with the company's existing CDIs on issue.

The extra cash follows a strong third-quarter performance, in which the company announced it saw a 163 per cent growth in U.S.-based revenue.

The placement is expected to settle on October 29, with the new CDI's tradable the following day.

Shares in Marley Spoon closed 31.2 per cent lower for $2.40.

MMM by the numbers
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