Ondo InsurTech PLC - London-based company focused on claims prevention technology for home insurers - Raises £815,000 via oversubscribed placing and subscription for 6.8 million new shares, priced at £0.12 each. An equal amount of warrants have also been issued at an exercise price of £0.12 each, valid for three years.
Says new funding follows an approach from a major shareholder, who is keen to assist the company by providing additional working capital to support the ‘rapidly increasing deployment pipeline’ of the LeakBot system.
Fundraises includes Non-Executive Chair Mark Wood buying 133,500 shares, increasing interest to 1.5 million shares or 2.0%; Non-Executive Director Andy Morrison buying 200,000 shares, increasing stake to 3.6 million shares or 4.8%; and Chief Financial Officer Kevin Withington buying 20,000 shares.
Chief Executive Officer Craig Foster says: ‘We are very pleased with the development of the business which has met and then exceeded expectations set at the time of the RTO and we are delighted with the strong support of existing shareholders in this fund-raising. The funds raised will give us additional firepower to accelerate client deployments and to continue the rapid scaling of the business.’
Current stock price: 15.95 pence, up 14%
12-month change: down 88%
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