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BluGlass has completed its Entitlement Offer to existing shareholders, raising $3.71 million
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Funds to adapt Silicon Valley fab for gallium nitride laser diode production and ongoing operation
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Allotment of shares expected to occur on 21 April 2022
Australian semiconductor developer BluGlass Limited (ASX: BLG) has closed its non-renounceable Entitlement Offer, raising $3.71 million before costs. The Entitlement Offer enabled eligible shareholders to subscribe for new shares in the Company on a 1:4 basis at A$0.03 per share; and follows a successful $3.4 million Placement to US and Australian institutional and sophisticated investors (as announced to ASX on 24 March 2022).
Funds raised will be used to adapt BluGlass’ new Silicon Valley manufacturing facility for gallium nitride (GaN) laser diode production, as well as ongoing operational costs and talent hire.
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