Knowsley-based specialist brakes manufacturer, Surface Transforms, has raised gross proceeds of £2.7m from an open offer that it said was significantly over-subscribed.
Applications were received for 27,420,745 open offer shares, representing a take-up of 137.1% 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.
It is expected that admission and dealings in the open offer shares will commence at 8am on December 19, 2023.
Surface Transforms plc (LON:SCE) is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications and has been certified to IS9001-2000 since 2008 and was certified to TS16949 automotive quality accreditation and AS9100C aerospace quality accreditation in 2015.
