Spirit Technology Solutions Ltd. (AU:ST1) has released an update.
Spirit Technology Solutions Ltd has announced a fully underwritten entitlement offer to raise approximately $18 million, with an additional placement aiming to raise $2 million, at an issue price of $0.053 per share. The offer is exclusive to shareholders in Australia and New Zealand, with a major shareholder, 263 Finance, committing to take up its full entitlement and sub-underwrite up to $10 million. The transaction could result in a change of control depending on shareholder uptake, with non-participating shareholders facing potential dilution of their holdings.
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