Structural monitoring systems raises for acquisition
Testing company Structural Monitoring Systems is in front of fund managers seeking an $11 million equity injection on Monday morning.
The company's shares went into a trading halt as its broker Hunter Capital Advisors started drumming up support for the offer.
Structural Monitoring Systems was seeking to raise $11 million at $1.25 a share, which was a 10¢ discount to the last close.
Funds raised were to acquire an aircraft audio systems designer and manufacturer, Anodyne Electronics Manufacturing Corp, which is well known to Structural Monitoring Systems.
Hunter Capital was calling for bids by 4pm on Monday, according to terms sent to potential investors.
Structural Monitoring Systems boss Toby Chandler is expected to apply for $1 million of new stock, while the company's largest shareholder Drake Private Investments is taking $2 million of the placement.
The company would have a $139 million market capitalisation post the raising.
Ann: Trading Halt, page-12
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