CAP-XX (AIM:CPX) shares were marked down in Thursday’s dealing to account for the dilutive news of a new equity raise.
The company announced the funding initially after Wednesday’s market close alongside the news that chief executive Antony Kongats is stepping down, effective 12 May, and it will seek to appoint a successor to be based in Western Europe.
The company, in a further announcement today, said it had raised £2.36mln of new capital through the sale of 181.5mln new shares priced at 1.3p each. Further shares may yet be issued through a possible £500,000 retail share offer on the REX platform.
Proceeds are earmarked for new product development as well as “driving revenues through sales and marketing”, the company said.
The placing was arranged as an accelerated bookbuild by Allenby Capital and Cenkos Securities and was described as “well supported”.
In London, CAP-XX (AIM:CPX) shares were down just over 40% at trading at 1.31p.