Wednesday 23rd September 2020 |
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Transportation technology business EROAD Limited (NZX/ASX: ERD) (“EROAD”) announced today the opening of its NZ$8 million non-underwritten share purchase plan ("SPP"). The SPP is part of EROAD’s capital raising announced on 17 September 2020 of NZ$50 million. The capital raise included a NZ$42 million fully underwritten placement at a price of NZ$3.90 per share.
Eligible EROAD shareholders can apply for a maximum of NZ$50,000 of new shares per shareholder. The price payable under the SPP will be the lower of the price paid by investors in the placement (NZ$3.90 per share) or a 2.5% discount to the five day volume weighted average price of EROAD shares traded on the NZX during the five trading days up to, and including, the SPP closing date.
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Source: Transportation technology business EROAD Limited
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