Nuheara taps investors for $9m

20/07/2017 - 10:23

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Local tech company Nuheara has tapped investors for $9 million to fund ongoing development and enhancement of its IQbuds wireless headphones.

Justin Miller says the funds raised will lay the foundation for new research and product development. Photo: Attila Csaszar

Local tech company Nuheara has tapped investors for $9 million to fund ongoing development and enhancement of its IQbuds wireless headphones.

Nuheara – the overall Business News Rising Stars 2017 winner – raised the funds through the placement of 97.8 million shares at 9.2 cents each.

The price represents a 2.5 per cent discount to the company’s 15-day volume-weighted average price, and a 2.8 per cent premium to its 30-day VWAP.

“This significant placement to a small group of institutional funds, at only a minor discount to our recent trading prices, is testament to Nuheara’s recent corporate achievements and growth as well as its long term vision and strategies,” chief executive Justin Miller said.

“In 18 months, Nuheara has delivered its first wearable prototype in January 2016, to now selling its IQbuds – with acclaimed reviews – in major retail chains around the world.

“The placement will fund our aggressive global sales growth but also lays the foundation for the future development of the company through new research and product development.”

Moelis Australia Advisory acted as lead manager to the raising.

Last month, Nuheara was crowned the overall Rising Stars winner for 2017.

Nuheara shares were 5 per cent lower to 9.4 cents each at 10am.

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