Audinate Group (ASX:AD8) completes $28 million placement

Company News

by Rachael Jones

Audinate Group (ASX:AD8), developer of the professional AV-industry leading Dante media networking solutions, has successfully completed a $28 million fully underwritten placement.

The issue price of $5.15 per share, represents a 5.1 per cent discount to the 5-day volume weighted average price (“VWAP”) of the Company’s shares traded on the ASX up to and including 21 July 2020 of $5.43 per share.

The Placement will result in the issue of approximately 5.4 million new fully paid ordinary shares.

It will be used to strengthen the balance sheet, fund new investments and finance acquisitions.

Shares in Audinate Group (ASX:AD8) are trading 7.56 per cent lower at $5.26.