Surface Transforms (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs has announced that the Open Offer was significantly over-subscribed, raising gross proceeds of £2.7m.
Applications were received for 27,420,745 Open Offer Shares, representing a take-up of 137.1 per cent of the 20,000,000 available Open Offer Shares.
As permitted under the terms of the Open Offer, the Board has decided to accept these validly received applications for 27,420,745 Open Offer Shares in full.
Application will be made for 27,420,745 Open Offer Shares to be admitted to trading on AIM, conditional on the Resolutions being passed. It is expected that Admission and dealings in the Open Offer Shares will commence at 8.00 a.m. on 19 December 2023.
Subject to the Resolutions being passed, £11.0m gross proceeds will have been raised pursuant to the Placing, Subscription and Open Offer
