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MGM Wireless (ASX:MWR) - Chairman and Founder, Mark Fortunatow - The Market Herald
Chairman and Founder, Mark Fortunatow
Source: Business News
  • Communications tech company MGM Wireless (MWR) has successfully raised $2.5 million from a share purchase plan
  • The original offer aimed to raise $1.5 million, but the plan was oversubscribed by more than 230 per cent, with around $5 million in subscriptions received
  • A pro-rata scale back has been applied for subscriptions over $5000
  • The money raised will be used to capitalise on MGM's growth opportunities for its SPACETALK devices for seniors and children
  • MGM Wireless is trading 13 per cent higher today at 13 cents per share

Communications tech company MGM Wireless (MWR) has successfully raised $2.5 million from a share purchase plan (SPP).

The original offer aimed to raise $1.5 million, but the plan was oversubscribed by more than 230 per cent, with around $5 million in subscriptions received.

MGM roars

MGM had to apply a scale back due to the significant oversubscription.

Shareholders who applied for up to $5000 in shares received their full amount, while subscriptions over that sum was scaled back on a pro-rata basis.

All up, around 55 per cent of applicants received their full subscription amount. Excess applications totalling around $2.53 million will be refunded by cheque on or around July 21.

Funding the future

The $2.5 million raised will be used to capitalise on MGM's growth opportunities.

The funds will underpin continued sales and rollout of the company's SPACETALK smartwatch for children and the SPACETALK Life model for seniors.

The SPACETALK devices add to the company's suite of tech solutions and wearable devices for educators and families.

Over 1200 schools and 1.7 million parents already benefit from MGM's proprietary tech for absentee analytics, school news and messaging platforms.

With the $1 million overshoot on the SPP, MGM will be more than fully funded for the next phases of growth for its platforms and wearable tech.

MGM Wireless is trading 13 per cent higher today at 13 cents per share as at 3:35 pm AEST.


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