DG Innovate plc, a company specialising in sustainable mobility and energy storage, has revealed plans for a conditional fundraising effort aiming to raise around £500,000. This will be achieved through the placement of new shares at a price of 0.08 pence per share, which will be offered to select institutional investors. The placement will take place via an accelerated bookbuild process that will begin immediately after this announcement.
The company intends to issue approximately 625 million new shares, which will represent about 4.86% of its enlarged issued share capital. The funds raised will be used to support the company’s joint venture with EVage Automotive Pvt. Limited and to provide working capital. The proceeds are expected to cover the company’s immediate needs until early February 2025, with further funding discussions already underway.
Zeus Capital Limited is acting as the sole bookrunner for this placement. The placement shares will be listed on the Equity Shares (Transition) category of the FCA’s Official List, and trading will take place on the London Stock Exchange’s main market. Admission is anticipated on or around 17 December 2024, assuming all conditions are met.
The issue price of the shares represents a 15.8% discount on the company’s closing share price as of 9 December 2024. Further details, including the final number of shares issued, will be announced once the bookbuild closes.
DG Innovate is seeking to raise capital through a placing of new shares, with the funds earmarked for key projects and operational needs. The company is making strides towards securing its financial future and facilitating its growth in the sustainable energy sector.
DG Innovate plc (LON:DGI) is an advanced research and development company pioneering sustainable and environmentally considerate improvements to electric mobility and storage, using abundant materials and the best engineering and scientific practices. Deregallera is a subsidiary of DG Innovate.
