Monday 22nd April 2024 |
Text too small? |
TradeWindow’s $2.2 million capital raise closes oversubscribed.
Capital raising programme attracts new institutional investor along with the support of existing cornerstone shareholders ASB Bank, TradeWindow CEO and Founder, AJ Smith and Co-Founder, Kerry Friend.
TradeWindow (NZX: TWL ), a global trade software company, today announced the successful completion of its capital raising launched last month. The $2.0 million placement has been fully subscribed, while the share purchase plan attracted applications exceeding the initial $200k target. The company has resolved to accept all over subscriptions.
The company has secured the support of a new institutional investor that has taken 25% of the placement. It also secured broad support from existing shareholders and attracted more than 1,000 new retail investors via Sharesies.
TradeWindow now has the capital required to continue driving growth in Australasian markets and provide the balance sheet strength to withstand economic market shocks. Funding is forecast to take the business through to monthly EBITDA breakeven in March 2025.
CEO, AJ Smith said: “We appreciate the tremendous support we have received. Achieving this crucial financial milestone sets the company on course to achieve self-sustainability.
“We regard the success of the capital raising as an endorsement of our vision and our plans. Our energies are now entirely focused on executing our growth plans and delivering our guidance. TradeWindow remains resolute in our pursuit of reaching our revenue growth targets and monthly EBITDA breakeven.”
On 26 March 2024, TradeWindow provided trading revenue guidance for FY25 in the range of $7.3 million to $8.3 million.
Allotment of new shares issued with the capital raising will be made on 26 April 2022.
The company looks forward to providing an update to shareholders with the release of its financial results for the year to the end of March 2024 on 30 May.
Released for and on behalf of TradeWindow by:
AJ Smith
Executive Director and Chief Executive Officer
ENDS
About TradeWindow:
Founded in December 2018, TradeWindow is an NZX-listed software company that provides digital solutions for exporters, importers, freight forwarders, and customs brokers to drive productivity, increase connectivity, and enhance visibility. TradeWindow’s software solutions integrate to form a cohesive digital trade platform that enables customers to more efficiently run their back-end operations, share information and securely collaborate with a global supply chain made up of customers, ports, terminals, shipping lines, banks, insurance companies, and government authorities.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes