Sheffield’s WANdisco is launching an equity raise today of a minimum of $10m to accelerate growth.
Some existing shareholders will to sell an aggregate of 1,045,000 existing ordinary shares of 10p each in the capital of the Company at the price of 550p. This includes directors David Richards and Yeturu Aahlad, in respect of 845,000 shares.
The placing is expected to be conducted at the same price of 550p per new ordinary share of 10p each in the capital of the Company.
WANdisco plans to use proceeds of the placing to accelerate its growth ambitions.
The company more than halved its full-year losses as costs fell and revenue rose in 2016.
The Big Data company, whose chief executive David Richard was reinstated last year after a shareholder revolt, reported an EBITDA loss of $7.5million to 31 December 2016, compared to $16m for the previous year.
