Cycliq up on ASX debut

08/12/2016 - 11:37

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Leederville-based bicycle accessories maker Cycliq has enjoyed steady gains on its first day of trading on the ASX, after completing a reverse takeover of Voyager Global Group.

Cycliq up on ASX debut

Leederville-based bicycle accessories maker Cycliq has enjoyed steady gains on its first day of trading on the ASX, after completing a reverse takeover of Voyager Global Group.

Cycliq, which makes high-definition cameras and lighting accessories for cyclists, raised $3.75 million from investors at 2 cents a share as part of its backdoor listing.

At 11:30am, the company’s shares were worth 3.9 cents each.

Cycliq chief executive Andrew Hagen said the listing was a milestone for the company’s evolution as a business, and demonstrated the potential power of crowdfunding.

“We are incredibly proud of Cycliq’s growth in such a short period of time and are excited by the opportunities that listing on the ASX will offer moving forward,” Mr Hagen said. 

“Crowdfunding has been a massive part of our journey to this point and shows just how influential it can be to growing a business.

“We are currently focused on expanding our distribution networks throughout Europe and Asia, while pursuing sponsorship opportunities that will allow Cycliq to establish a wider foothold in the $200 billion global sports technology market.”  

The company earlier this week confirmed a distribution deal with UK bicycle distributor Madison, allowing Cycliq to grow its presence in the UK and Ireland.

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