Archer Materials Ltd (ASX:AXE, OTC:ARRXF) has raised A$15 million via its share purchase plan (SPP) which closed on October 20.
Due to strong demand, the company increased the initial raise amount to A$10 million, having initially sought A$5 million from eligible shareholders.
AXE has received subscriptions for A$25.4 million, which means that SPP applications will all be scaled back in accordance with the terms of the SPP offer document dated October 7, 2021.
SPP closed early
AXE closed the SPP early after receiving strong support as it continues to gain traction as a pure play deep tech company.
The new SPP shares are expected to be allotted on October 27, 2021.
It highlights the support shown to AXE by investors, after its shares achieved an intra-day high last week, up 12% on the back of an announcement that it had for the first time validated that the qubit’s quantum coherence properties are preserved under an inert atmosphere.
Read: Archer Materials shares rise after early-stage validation of qubit robustness