Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cybersecurity company Tesserent (TNT) receives binding commitments to undertake a $25 million placement
  • More than 119 million shares will be issued to institutional, professional and sophisticated investors at 21 cents
  • Tesserent will use the money to fund strategic acquisitions and deferred acquisition cash payments
  • Shares are expected to settle on October 1 and be issued and begin trading on the ASX on October 4
  • Tesserent’s shares are down 8.51 per cent and trading at 21.5 cents

Cybersecurity company Tesserent (TNT) has received binding commitments to undertake a $25 million placement.

The company entered a trading halt on September 24 but did not disclose how much it intended to raise or how it would spend the funds.

More than 119 million shares will be issued to institutional, professional and sophisticated investors at 21 cents which represents a 9.3 per cent discount to the 10-day volume-weighted average price of 23.2 cents.

Tesserent will use the money to fund strategic acquisitions and deferred acquisition cash payments including an upfront cash payment for the recently announced acquisition of Loop Secure.

Shares are expected to settle on October 1 and be issued and begin trading on the ASX on October 4.

Co-CEO Julian Challingsworth was pleased with the success of the placement.

“We are pleased at the success of this equity raising to support the enhancement of our core capabilities and operational footprint in strategic high growth locations with a focus on the federal government market,” Mr Challingsworth said.

“We are grateful to welcome new strong institutional shareholders to the TNT register and we thank existing institutional shareholders for their support.”

Shares in Tesserent were down 8.51 per cent on the market and were trading at 21.5 cents at 10:56 am AEST.

TNT by the numbers
More From The Market Herald
BrainChip Holdings (ASX:BRN) -

" BrainChip (ASX:BRN) awarded two new US patents

BrainChip (BRN) has been awarded two new patents from the US Patents and Trademarks Office relating to its neuromorphic artificial intelligence chips.
YPB Group (ASX:YPB) - Executive Chairman, John Houston

" Shares in YPB Group (ASX:YPB) soar after e-cigarette contract

YPB Group (YPB) has seen its share price jump 50 per cent after securing a supply contract with electronic cigarette and vaporiser manufacturer

" Vection Technologies (ASX:VR1) embeds app within Webex

Vection Technologies (VR1) has become an embedded app launch partner at the 2021 WebexOne event.
Audio Pixels (ASX:AKP) - Chair, Fred Bart

" Audio Pixels (ASX:AKP) finds tech can extend to $30b earphone market

Audio Pixels (AKP) has found its existing digital sound reconstruction (DSR) loudspeaker technologies can extend for use in earphones and headphones.