Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
LONDON - Aurrigo International plc (AIM:AURR), a provider of transport technology solutions, announced Wednesday it plans to raise a minimum of £13 million through a non-pre-emptive fundraise to accelerate its growth.
The fundraise will consist of a direct subscription by new investor Next Gen Mobility Limited, a placing to institutional investors, and a retail offering of up to an additional £0.5 million. All shares will be issued at a price of 45 pence per share, representing a 10 percent discount to the closing price on August 26.
Next Gen Mobility has agreed to subscribe for £9.75 million worth of shares as the cornerstone investor. The company is a Guernsey-incorporated entity established to invest in autonomous vehicle systems and recently acquired Ultra Global Limited, a developer of personal rapid transit systems.
The net proceeds will be used to build multiple demonstrator vehicles to support customer conversion, expand software and engineering teams, develop an enlarged deployment team, and relocate to larger UK facilities in Coventry with increased design and manufacturing capacity.
The placing is being conducted via an accelerated bookbuild process undertaken by Canaccord Genuity Limited and VSA Capital Limited. The retail offer will be undertaken through the Winterflood Retail Access platform.
The fundraise will be completed in multiple tranches, with the first admission expected on September 3, 2025, followed by subsequent admissions on September 4 and September 22. The third tranche is conditional upon shareholder approval at a general meeting to be held on September 19.
Next Gen is expected to hold 21,666,666 ordinary shares following completion and has agreed to a relationship agreement with the company.
Based on a press release statement, Aurrigo has identified potential future commercial opportunities with Ultra Global and Next Gen on UK projects focused on implementing pods and passenger rapid transport systems.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.