LONDON - Windar Photonics PLC (AIM: WPHO), a developer of LiDAR wind sensors for wind turbines, has successfully completed an oversubscribed share placing, raising gross proceeds of £5.9 million. The placing of 14,750,000 new ordinary shares was conducted at 40 pence per share, an 8% discount to the 30-day volume-weighted average price as of December 2, 2024.
The funds raised from the placing, which amount to approximately £5.5 million after expenses, are earmarked for growth initiatives, enhancement of the executive management team, and to strengthen the company’s balance sheet. Windar Photonics expressed its intention to use the net proceeds to bolster its profitable momentum.
The new shares are expected to commence trading on the AIM market of the London Stock Exchange (LON:LSEG) from 8 a.m. on December 5, 2024. These shares will be equal in standing with the existing ordinary shares of the company.
Jørgen Korsgaard Jensen, CEO of Windar, expressed gratitude for the strong investor demand and the support from both new and existing shareholders. He noted that the capital injection would accelerate the company's ambitious growth strategy.
Following the admission of the new shares, Windar Photonics will have a total of 96,037,870 ordinary shares in issue. The company confirmed that it does not hold any shares in treasury, and this total share count will be the reference for shareholders to determine their notification obligations under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
The successful share placing reflects investor confidence in Windar's technology and strategic growth plans. The information provided is based on a press release statement from Windar Photonics.
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