Thursday 16th November 2023 |
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TradeWindow (NZX: TWL ), the global trade software business, today announces it has secured $500,000 in new equity and met a key condition to the ASB lending covenant waiver.
The new capital from key existing investors, including the two founders of TradeWindow and new investor Phil Richards, an experienced global SaaS entrepreneur whose last company SmartPayroll achieved 30,000 small business clients and processed over $1 billion in payroll per month, before exiting to Datacom in 2020.
The new equity is a key condition of an agreement between TradeWindow and its lender ASB on a restructure of the company’s debt facilities to support the long-term stability of the business.
The new 2,057,614 shares are to be issued at 24.3 cents per share, representing a 10% discount on the 30-day volume weighted average price of 27 cents per share at 01 November 2023.
As previously signalled, TradeWindow is continuing to explore multiple options to continue additional funding discussions, reduce costs, and fast accelerate EBITDA breakeven.
It will update the market on the conclusion of the restructure consultation with staff.
TradeWindow intends to release its financial results for the six months to the end of September on Wednesday 29 November 2023. The company will host a webcast at 11am on the same day.
To participate in this event, you can join via either the phone or webcast link below:
Phone registration:
https://s1.c-conf.com/diamondpass/10035080-bdy7ng.html
Webcast registration:
https://ccmediaframe.com/?id=MMUJkMxq
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.
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