MetaOptics is seeking to raise $4.85 million by placing 6.69 million new ordinary shares in the capital of the company at 72.55 cents per share.
The proceeds will be used to strengthen the group’s financial position and expand its capital base to “support the fulfilment of an anticipated growing pipeline of global customer purchase orders”. It will also provide liquidity and funding for the group’s general working capital requirements.
The participating investors comprise new investors and the company’s existing shareholders.
MetaOptics, which debuted on the Catalist board on Sept 9, announced that it was seeking to dual-list on the Nasdaq on Nov 17. "With a wider and more diversified shareholder base, the company also hopes to improve the trading liquidity of its securities on its trading platforms," said MetaOptics at the time.
On the placement, executive chairman and CEO Thng Chong Kim said the company is “very encouraged” by the confidence shown by investors. “MetaOptics is seeing strong commercial momentum as adoption of metalens technology increases across multiple high-growth markets. This capital injection strengthens our ability to serve customers, execute on delivery commitments and advance our product roadmap.”
According to the company, it is continuing to gain traction in applications that range from compact mobile imaging modules to ultra-thin optics and advanced optical components for automotive and data connectivity.
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Shares in MetaOptics closed 1 cent higher or 1.42% up at 71.5 cents on Nov 28.
