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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.