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- 4DS Memory (4DS) tap investors for $5.5 million to complete the manufacture and analysis of its Fourth Platform Lot
- Under the placement, 4DS will issue more than 150 million new shares at 3.6 cents per share
- It represents a 15.2 per cent discount to 4DS’ 15-day volume weighted average price (WVAP)
- The funds will also go towards the development of the company’s technology, as well as general working capital
- 4DS shares are down 15.3 per cent and trading at 4.2 cents at 11:31 am AEDT
4DS Memory (4DS) has tapped investors for $5.5 million in fresh funds through a share placement.
The semiconductor development company received “firm acceptances” for $5.5 million through the issue of 152,777,778 new shares at 3.6 cents.
“I would like to welcome our incoming shareholders and thank them for their support as we edge closer to receipt and analysis of the Fourth Platform Lot this year,” 4DS Interim Executive Chairman Mr David McAuliffe said.
The fresh funds will go towards completing the manufacture and analysis of the Fourth Platform Lot, as well as the ongoing development of 4DS’ technology and general working capital.
The issue price of the placement represents a 15.2 per cent discount to the company’s 15-day volume weighted average price (VWAP).
Additionally, for every two shares subscribed for, investors will receive one free attaching 5.5-cent unlisted option that expires March 31, 2026.
4DS confirmed the Fourth Platform Lot remained on target to be delivered to 4DS’ Fremont facilities in the US in Q2 2023.
4DS shares are down 15.3 per cent and trading at 4.2 cents at 11:31 am AEDT.
