TOTM Technologies Limited (TOTM Tech) (SGX:42F
) announced that it has successfully completed the proposed private placement of 220,520,000 new shares at a placement price of 2.5 cents.
The placement price was placed at a slight discount of around 2.72% to its volume weighted average price as at May 14. The placement shares represent approximately 14.52% of its existing issued share capital.
TOTM Tech mentioned that this placement attracted participation from a range of investors, including Lion Global Investors Limited (as investment manager for and on behalf of its clients) and high net worth individuals.
“The placement will accelerate the commercialisation of our next generation artificial intelligence and blockchain offerings, enabling us to pursue compelling strategic partnerships and acquisition opportunities. With our biometric and digital identity business as a stable foundation, the fresh capital will create new enterprise value levers, enhance long-term shareholder returns and solidify our position as a key digital infrastructure player,” says Chan Wei Jie, executive director and CEO of TOTM Tech.
SAC Capital is the placement agent with Maybank Securities acting as sub placement agent.
Shares of TOTM Tech closed flat at 2.5 cents on May 26.
