Traffic Technologies (ASX: TTI), a provider of traffic management, IoT, and Smart City solutions, announced the completion of a $517,000 shortfall placement. This placement was conducted under the Entitlement Offer Prospectus released on November 11, 2024. The company issued 103,413,820 new fully paid ordinary shares at $0.005 (0.5 cents) per share. Investors also received one free attaching option for every new share issued. Settlement for these shares is scheduled for March 11, 2025.
The shortfall placement supplements the $175,000 already raised through the Entitlement Offer from existing shareholders. Combined, Traffic Technologies has secured a total of $692,000. This capital injection aims to bolster the company’s financial position and support its growth initiatives in the traffic management and smart city sectors.
Traffic Technologies’ management expressed gratitude to shareholders for their continued support. The funds are expected to contribute to the development and deployment of innovative hardware and software solutions, reinforcing the company’s position in the market. This capital raise reflects investors’ confidence in the company’s strategic direction and its ability to capitalize on the growing demand for advanced traffic management and smart city technologies. The board authorized the release of this announcement.
