Nanoco Group PLC (LSE:NANO) boasted that its fundraising was “very significantly over-subscribed” after saying yesterday that it was feeling confident about its lawsuit against Samsung.
On Monday, the maker of cadmium-free quantum dots and other nanomaterials, said it was looking to raise £2.25mln from a placing and subscription offer at a price of 37p per share.
Today it confirmed that it raised £5.65mln in total, with a maximum of £3.4mln from a 'broker option'.
It noted that much progress had been made in growing its order book, momentum on winning new contracts and managing costs, with the board “very confident” that the outcome of the litigation would be “transformational for Nanoco's prospects and shareholder value”. It also announced a fifth major work package had been signed with its major European electronics customer.
The proceeds of the cash call are designed to extend the cash runway of the business into the 2024 calendar year, giving it leeway to deliver current commercial production orders and finish the Samsung trial in Texas.
Confirmation of the final amount raised will be confirmed later on Wednesday, the company said.
"The strength of demand in the fundraise is also a very clear message of support for the company in its IP litigation," said chief executive Brian Tenner.
"As announced on 7 June 2022, Samsung's attempt to delay the trial for a second time has failed and we welcome the new trial date now set for September 2022, at the earlier end of our expectations. A robust balance sheet in the run up to the trial in Texas significantly strengthens our position opposite Samsung and any efforts to draw out the process through judicial appeals."