ASX-listed Stakk Ltd have announced it has secured a $15 million equity placement from a prominent group of international and domestic institutional investors, Lead Managed by Canaccord Genuity (Australia) Ltd, to strengthen its balance sheet and accelerate growth.
Nikhil Ghanekar, Chairman and CFO of Stakk, said, “Today marks another significant milestone for Stakk, and for its shareholders. Stakk remains steadfast in delivering demonstrable traction with its revenue growth; while ensuring it continually exceeds the expectations of its clients. Stakk prides itself on being highly necessary and easy to do business with, and that is one of the critical reasons Andy and his team have enjoyed so much recent success.
“The Offer Price of A$0.045, which represents a 7.8% premium to Stakk’s 15 Day-VWAP of $0.042, is also a reflection of recent shareholder support, for which I and my fellow board members are immensely grateful.”
Andy Taylor, Chief Executive Officer of Stakk, said, “We couldn’t be more proud of how our recent efforts have culminated in setting Stakk up for continued growth and success. My team and I will remain hyper-focused on revenue growth, strategic partnerships and maximising shareholder value.
“Our technology, a clear product / market fit, and a great executional team are delivering robust results for our shareholders.
“Thank you to all the institutions who got behind this placement, and I warmly welcome you, as fellow shareholders, to the Stakk register.”
Details of offer
Firm commitments were received via a single tranche Placement to institutional, sophisticated and professional investors at A$0.045 per share (Offer Price) with approximately 333.3 million new fully paid ordinary shares (New Shares) to be issued under ASX Listing Rule 7.1 (in relation to 126,685,365 New Shares) and 7.1A (in relation to 206,647,968 New Shares).
The Offer Price of A$0.045 represents a 5.1% discount to Stakk’s 10 Day-VWAP.
Use of funds
- Expansion of Growth Team;
- Ongoing R&D of Embedded Finance infrastructure; and
- General working capital and costs of the offer.
Canaccord Genuity (Australia) Ltd acted as Lead Manager to the Placement. Further details regarding the Placement are set out in the Appendix 3B of today’s date.
