Following its successful firm placing and open offer, ITM Power has seen its deal pipeline increase by £5.9m in the last two months.
In September, the UK-based company said it planned to raise £25m (before expenses) through a placing of 62.5m New Ordinary Shares at a price of 40p per share with certain existing and new institutional investors. ITM Power also said it wanted to raise up to £4.4m through an open offer of 10.9m New Ordinary Shares.
Last month, ITM Power announced it has received valid acceptances in respect of 10,896,225 New Ordinary Shares pursuant to Qualifying Shareholders’ Open Offer Entitlements representing a percentage take up of 100%.
The company said the aggregate amount raised pursuant to the open offer was approximately £4.4m and the aggregate amount raised pursuant to the firm placing and open offer was approximately £29.4m.
... to continue reading you must be subscribed
