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LONDON - Xeros Technology Group plc (AIM:XSG), a developer of technologies aimed at reducing the environmental impact of clothing, has raised £3 million through a conditional placing and initial subscription of shares, according to a press release issued Friday.
The company placed 171,847,501 new ordinary shares at 1.75 pence per share. In addition to this initial fundraising, Xeros is seeking to raise up to an additional £2 million through a follow-on subscription and is offering existing shareholders the opportunity to subscribe for up to £1 million in a retail offer at the same price.
The fundraising requires shareholder approval at a general meeting scheduled for November 28, 2025, at the offices of Squire Patton Boggs in London. If approved, the new shares are expected to begin trading on AIM on December 1, 2025.
Several company insiders are participating in the fundraising, including directors Neil Austin and Alex Tristram, who will subscribe for 571,428 and 85,714 shares respectively. Dowgate Capital Limited, a substantial shareholder with a 10.81% stake, will acquire 10,023,614 additional shares.
The company noted that the initial placing and subscription are not conditional on the follow-on subscription or retail offer proceeding or reaching any minimum threshold.
Kinetix Corporate Finance LLP, an entity owned by Xeros non-executive director David Armfield, will receive a success fee of 1% for any funds raised through the Adjuvo investor network, with a maximum possible fee of £37,500.
The announcement stated that the necessary shareholder resolutions will include authorizing directors to allot the new shares and disapplying statutory pre-emption rights.
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