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LONDON - t42 IoT Tracking Solutions plc (AIM: TRAC), a provider of global shipping container tracking solutions, has announced a new share placement to raise £262,500 before expenses. The placement involves issuing 10,500,000 new ordinary shares at a price of 2.5 pence each, representing a 16.7% discount to the mid-market closing price on the AIM market as of the last business day before the announcement.
The newly issued shares will account for approximately 16.0% of the company’s enlarged issued share capital. Participants in the placement will also receive one warrant for each share they subscribe to, with each warrant allowing the purchase of an additional share at 5 pence within a three-year period from the date of admission.
The funds raised from the placement are intended to provide additional working capital to support existing and future orders, accelerate manufacturing processes, and expand marketing efforts, particularly in the US and European sales markets.
The admission of the placement shares to trading on AIM is expected to commence around February 12, 2025. Upon admission, the company’s issued share capital will consist of 65,626,357 ordinary shares, each with one voting right, and the total number of voting rights in the company will be 65,626,357.
t42’s IoT tracking devices offer real-time data transmission, analysis, and actionable insights for the global container and freight market. The company operates in 55 countries and partners with over 100 distributors and 50 logistics and support partners.
This move comes as part of the company’s efforts to strengthen its financial position and invest in its growth strategy. The information is based on a press release statement from t42 IoT Tracking Solutions plc.
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