Surface Transforms (AIM:SCE), the high-tech brake maker, has raised £8.3 million through a placing and subscription to tide it over while it sorts out teething problems with a manufacturing upgrade.
Shares in the equity issue were priced at 10p per share, around a 7% discount to the close last night though they have slumped from 40p in August.
Surface Transforms (AIM:SCE) said its contracted expected revenue pipeline is £390 million, with a possible further £300 million in the pipeline.
David Bundred, chairman, said: “The placing, in combination with the anticipated loan and future free cash flows provides the funding required to build £150 million p.a. sales capacity in the period to 2027.”
Directors put up £135,00 in the funding round.
Shares eased 5% to 10.25p.