$2.5m raising to boost Nuheara sales

04/05/2020 - 15:59

Bookmark

Save articles for future reference.

Personal hearing technology developer Nuheara has launched a $2.5 million capital raising to help bolster its sales growth in Europe and the United States.

$2.5m raising to boost Nuheara sales
Nuheara managing director Justin Miller. Photo: Attila Csaszar

Personal hearing technology developer Nuheara has launched a $2.5 million capital raising to help bolster its sales growth in Europe and the US. 

Nuheara today announced $1.5 million of the $2.5 million share purchase plan for existing shareholders had been underwritten by Canaccord Genuity

The company said the funds would be applied to marketing efforts to ensure four consecutive quarters of sales growth on its direct to consumer online platform would continue.

Nuheara will also use the funds to increase inventory levels to ensure it can meet demand on its online store.

“The Nuheara DTC model is proving to be a critical global alternative as traditional hearing clinics and retailers shutter around the world with the advent of the COVID-19 crisis,” the company said in a statement to the ASX.

Nuheara said 76 per cent of its orders in the March 2020 quarter were from outside Australia, with 68 per cent of those from the US.

The placement price will be determined by a 20 per cent discount to the five-day volume-weighted average price prior to the issue date of May 1.

Nuheara shares were steady on the ASX today, at 1.6 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options