Etherstack Secures Over AU$6 Million Through Institutional Placement; CDIs Fall 10%

MT Newswires Live

Nov 18

Etherstack (ASX:ESK) secured binding commitments to raise AU$6.1 million through an institutional placement of 9.4 million Chess depositary interests (CDIs) to new institutional and high-net-worth investors at AU$0.65 per CDI, representing a 7.7% discount to the 15-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.

Proceeds from the placement will bolster the company's balance sheet, supporting growth in mission-critical communications, advancing the mission-critical push-to-X interworking function product for global public safety networks, and enhancing working capital, per the filing.

The placement is expected to settle on Nov. 24, with new CDIs allotted and trading from Nov. 25, the filing added.

The company's CDIs fell around 10% in recent Tuesday trade.

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