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LONDON - Energy storage company Gelion plc (AIM:GELN) has closed its WRAP Retail Offer ahead of schedule due to strong investor demand, according to a press release statement issued Monday.
The company, which describes itself as a "global energy storage innovator," said it made the decision to end the offer early based on the level of interest received from retail investors.
Gelion plans to announce the total proceeds accepted and the number of ordinary shares to be issued under the WRAP Retail Offer on Tuesday, October 21.
WRAP is a proprietary technology platform owned and operated by Winterflood that facilitates retail investor participation in company fundraisings.
The early closure follows Gelion’s initial announcement of the retail offer on October 16. The company has not disclosed the target amount it sought to raise through the offer.
Gelion is listed on London’s AIM market and is led by CEO John Wood and CFO Amit Gupta, with founder Professor Thomas Maschmeyer serving as a director.
Strand Hanson Limited acts as the company’s nominated and financial adviser, while Oberon Capital and Allenby Capital Limited serve as joint brokers.
The shares offered were not registered under the US Securities Act and were not available to investors in certain jurisdictions including the United States, Australia, Canada, New Zealand, Japan, South Africa, and EEA member states.
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