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Aurrigo announces fundraising to boost Auto-Dolly production

Published 11/12/2024, 16:42

COVENTRY - Aurrigo International plc (AIM: AURR), a leader in transportation technology solutions, has announced plans to raise a minimum of £5 million through a non-pre-emptive fundraise. The fundraise consists of a placing to institutional investors and a retail offering to eligible retail investors, both at an issue price of 44 pence per new Ordinary Share.

The net proceeds from the fundraising will primarily be used to increase the company's capacity for producing Auto-DollyTug vehicles. This move is expected to advance commercial sales timelines and capitalize on the company's rapidly growing client pipeline. Additionally, funds will be invested in enhancing engineering, software, and deployment teams.

The placing is being conducted through an accelerated bookbuild process managed by Canaccord Genuity Limited. The number of Placing Shares will be determined at the close of the bookbuild, with further announcements to follow.

The retail offering, aiming to raise up to £0.3 million, will be available via the Winterflood Retail Access platform (WRAP). This offering will give qualifying retail shareholders in the UK the opportunity to participate at the same issue price as the placing.

Aurrigo has received advice suggesting a portion of the Placing Shares could qualify for Venture Capital Trust (VCT) legislation, with eligibility for VCT and EIS Relief for new share issuances expected to expire next year. The company will utilize existing shareholder authorities for the allotment of equity securities granted at the annual general meeting in June 2024.

The anticipated first admission of the initial Placing Shares is on or around December 17, 2024, with the second admission of the remaining Placing Shares and the Retail Offer Shares expected on or around January 8, 2025.

The issue price represents a discount of approximately 7.4 percent to the closing price on December 10, 2024. The company's interim results for the period ending June 30, 2024, show significant expansion in its Autonomous division, driven by accelerated uptake of airside solutions.

Aurrigo's current trading remains in line with management expectations, with a clear existing pipeline for the Autonomous division in 2025. The proceeds from the Placing will enable Aurrigo to accelerate vehicle builds and potentially bring forward commercial sale timelines.

This announcement is based on a press release statement and does not constitute an endorsement of Aurrigo's market position or future prospects. The information is provided for informational purposes only.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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