Plexus Holdings ( (GB:POS) ) has issued an announcement.
Plexus Holdings PLC has announced a fundraising initiative through a placing, subscription, and retail offer to raise approximately £3.5 million. The funds will be used to manufacture additional sets of Exact-Ex wellhead equipment, doubling the company’s rental fleet to meet the growing demand for Jack-up rental wellheads. This move is part of Plexus’s strategic focus on the Jack-up wellhead market, aiming to capitalize on its proven wellhead equipment and IP-led technologies. The fundraising and conversion are contingent upon shareholder approval at a General Meeting, with the net proceeds expected to enhance Plexus’s market positioning and operational capabilities.
More about Plexus Holdings
Plexus Holdings plc is an IP-led company specializing in developing and providing wellhead systems and associated products and services for offshore operations. Headquartered in Aberdeen, the company focuses on providing wellheads for Jack-up rig operations such as exploration and appraisal drilling, Plug & Abandonment work, and emerging markets for Carbon Capture & Storage, hydrogen production and storage, and geothermal. Plexus is known for its innovative POS-GRIP® wellhead technology and HG® metal-to-metal sealing systems, and it has a collaboration agreement with SLB to supply Exact adjustable wellhead systems for Jack-up applications.
YTD Price Performance: -34.63%
Average Trading Volume: 97,327
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £7.06M
See more data about POS stock on TipRanks’ Stock Analysis page.