Nuheara (ASX:NUH) - Co Founder and CEO, Justin Miller
Co Founder and CEO, Justin Miller
Source: Nuheara
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Hearing technology company Nuheara (NUH) completes its share purchase plan (SPP) with applications totalling more than $1.06 million
  • Eligible shareholders were able to subscribe for up to $30,000 worth of shares at an issue price of 1.6 cents
  • On December 23, Nuheara announced it would be undertaking a $7.6 million capital raising, consisting of an institutional investment, placement and a SPP
  • Nuheara said it would use the money from the capital raising to support growth opportunities, including obtaining 510(k) approval for a wireless hearing aid
  • Shares in Nuheara are down 2.94 per cent on the market and are trading at 1.7 cents

Hearing technology company Nuheara (NUH) has completed its share purchase plan (SPP) with applications totalling $1,067,200.

Eligible shareholders were able to subscribe for up to $30,000 worth of shares at an issue price of 1.6 cents.

Around 66.7 million ordinary shares will now be allocated today and are expected to be quoted on the ASX on January 25.

On December 23, Nuheara announced it would be undertaking a $7.6 million capital raising, consisting of an institutional investment, placement and an SPP.

Under the investment, US-based Healthcare 2030 agreed to invest $3 million in Nuheara by making a prepayment for subscription shares. Nuheara is expected to issue the shares within 18 months.

For the placement, 101,312,500 new fully-paid ordinary shares were issued to professional and sophisticated investors at 1.6 cents to raise $1.62 million.

Nuheara said it would use the money from the capital raising to support growth opportunities including obtaining 510(k) approval for a Class II, self-fitting air conduction, wireless hearing aid.

The company also said the money will go towards its newly developed range of hearing aid products to support its planned expansion in the United States.

“The combination of the recently completed placements and the SPP will provide us with additional capital to execute on our growth plans, and rapidly scale our business globally, particularly in the US where tremendous once-in-a-generation opportunities are in front of us,” Co-Founder and CEO Justin Miller stated.

Shares in Nuheara were down 2.94 per cent on the market and were trading at 1.7 cents at 3:37 pm AEDT.

NUH by the numbers
More From The Market Online
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…