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Singapore IoT firm iWOW raises $11.6m
Singapore-listed iWOW Technology, an IoT provider, said on 29 July it had completed a placement of 66,667,000 new shares at S$0.225 (US$0.17) each.
The company has raised gross proceeds of about S$15 million (US$11.6 million) from more than 10 institutional and strategic investors.
The funds would strengthen its balance sheet after its acquisition of The Gentle Group and support expansion in AgeTech, clinical nutrition, and IoT.
The company announced in April a proposed S$11.2 million (US$8.67 million) acquisition of The Gentle Group.
The 22.5-cent placement price was more than 10% below the 33-cent volume-weighted average price on 26 June.
The new shares will expand iWOW’s share base by about one-fifth to 344.8 million shares.
Some investors were fund managers under Singapore’s S$5 billion (US$3.87 billion) Equity Market Development Program.
🔗 Source: iWOW Technology Limited
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