Catapult Group (ASX:CAT)
has completed a $35 million underwritten institutional placement of new shares at $1.90 each which comes at a discount of 12.8 per cent to its closing price on 22 June this year.
The sports analytics company advised that shareholders the placement was well supported, with strong investor demand from domestic and international institutions, both existing and new.
Funds raised will be used towards the acquisition of leading sports software video solutions provider, SBG Sports Software. The $436 million company intends to increase its investment in technology, product, data science, and scale capacity, to accelerate its growth strategy.
They are now looking to raise a further $5 million through a share purchase plan where eligible shareholders will have the opportunity to acquire up to $30,000 of new shares at the same price.
Shares in Catapult Group (ASX:CAT)
are trading 8.26 per cent lower at $2.00.
Image from: https://www.catapultsports.com/solutions