NXT raises £0.44m thru share placing for working capital from institutions
NXT plc, a provider of sound solutions, best known for its flat panel loudspeaker technology, has about £0.44m through a placing of 5.5m new ordinary shares.
The new funds have been raised in order to satisfy institutional demand and provide additional working capital for the business, the company said.
CEO Peter Thoms said: "We are very pleased with the demand from institutions for new equity following the announcement of our interim results.
"This has enabled us to increase our institutional shareholder base in these very uncertain economic times at a placing price of 8 pence, being within Friday's closing spread.
"We are also pleased to be able to increase our cash position which can be used for additional working capital purposes."
The Cambridge-based company's share price was unchanged in early trading. The company is currently valued at around £11.7m.
