IQE PLC (AIM:IQE) has closed a £13 million placing and retail offer, moving the compound semiconductor wafer maker a step closer to completing an £81 million wider fundraising package.
The Cardiff-based semiconductor wafer manufacturer placed 55.5 million shares and issued 10.1 million offer shares, priced at 19.8p per share.
The placing and retail offer sit alongside an investment by major customer MACOM, announced overnight, and the reinvestment of existing convertible loan notes by current noteholders, which together are expected to raise total gross cash proceeds of £81 million.
IQE warned that, if the fundraising resolutions are not approved, the fundraising cannot complete and the company would need emergency funding to meet short-term liquidity needs.