GetSwift Completes Over-Subscribed A$75m Institutional Placement to Accelerate Growth.
Highlights:
Firm commitments accepted by the company for 18,750,000 shares at A$4.00 per share to raise A$75m
No discount was required for raise, indicating strong value support
Fidelity International (FIL) was a cornerstone investor to the placement
GetSwift will hold close to A$100m in cash at the completion of the transaction
Proceeds to be used to accelerate conversion of strong demand opportunities in its
global client pipeline, advance new product development initiatives and general working capital purposes
GetSwift Limited (ASX:GSW) (‘GetSwift’ or the ‘Company’) is pleased to announce that it has completed a successful capital raising of A$75m that includes strong support from existing institutional shareholders as well as new Australian and USA institutional investors.
The placement was over-subscribed and cornered by Fidelity International (FIL) who the Company is delighted to welcome to the register. The Company was also very appreciative of the strong support received from existing institutional investors and welcomes the new Australian and USA-based investors to the Company.
The Company in addition to the oversubscription declined an additional USD $40m strategic investment that it had been offered due to terms and conditions accompanying that capital that at the present were not aligned with the overall broader goals the Company is undertaking. The Company is grateful for the consideration, but firmly believes that the A$75m with no overs is the appropriate step to take.
The capital raised will now allow the Company to accelerate its conversion of strong demand opportunities in its global client pipeline, advance new product development initiatives and facilitate general working capital requirements. In particular, the Company expects its capital expenditure to be directly correlated to client on-boarding and expansion into additional sectors and geographies. This includes but is not limited to advancing toward a 24x7 support center, the hiring of key product and program management staff to be based in key strategic geographic locations where the Company is well-positioned to continue to grow its client base; new compliance requirements in several new sectors that require unique parameters such as but not limited to HIPAA, Defense, Manufacturing and others; client onboarding costs and IT/Systems infrastructure scaling spend.
The Company will issue 18,750,000 shares at A$4.00 per share in a single tranche equity placement using the Company’s existing placement capacity under ASX Listing Rule 7.1.
Aesir Capital acted as the Sole Lead Manager to the transaction.
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About GetSwift Limited
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Technology to optimise global delivery logistics
GetSwift Limited is a global technology company listed on the Australian Securities Exchange, with offices in New York, Sydney and Melbourne, Australia.
Offering a best in class software-as-a-service solution (SaaS), GetSwift’s proprietary technology and its unique and powerful algorithm supports a user-friendly interface. Designed for use across any industry and in any country, GetSwift streamlines an organisation’s logistics, optimises delivery routes, automates the delivery dispatch process and provides real-time tracking alerts for both the sender and the receiver, via mobile devices.
GetSwift’s platform optimises its client’s delivery business, minimises costs, increases sales and improves customer satisfaction. Offering its customers scalability, stability, security and sustainability, GetSwift’s offering is revolutionising the logistics business and is currently utilised across 75 verticals for customers in 70 countries and in 630 cities.
GSW Price at posting:
$4.00 Sentiment: Buy Disclosure: Held
