AV-industry specialist Audinate Group (ASX:AD8) has successfully completed a $50 million fully underwritten placement.
Audinate is also offering existing eligible shareholders in Australia and New Zealand the opportunity to participate in an SPP to raise up to a further $20 million.
Proceeds from the placement and the SPP will be used to deliver organic growth through continued strategic investment in new and innovative products, ‘Win in Video’ by building on early success and to provide flexibility to explore a pipeline of identified bolt-on M&A opportunities.
We greatly appreciate the support of existing shareholders and the opportunity to bring some new investors onto the register,” Audinate’s CEO, Aidan Williams, said.
“Recent positive results and support from investors position us well to ‘win in video’ and accelerate our vision of the operating system for AV. We are conscious of the trust placed in us to deploy this additional capital wisely in our longer strategic mission to pioneer the future of AV.”