Engage XR Holdings PLC (AIM:EXR) saw its shares fall nearly 10% on Monday morning after the software group announced an £8.8mln accelerated bookbuilding process for the issuance of new shares on the junior market.
Funds raised through the placing will go to developing its metaverse platform targeted at “enterprise customers and universities looking for immersive corporate communications, remote collaboration, training and development, education and remote events”, the company said
“Anticipated net proceeds from the placing would give the company an expected cash runway to take the company through to cash flow break-even without the need for further funding and enable it to deliver against its current pipeline of opportunities,” it added,
ENGAGE shares were changing hands at 4.5p with a market value of £13mln as of 9.10am.