Nuheara to raise funds for IQbuds production

25/10/2016 - 12:51

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Nuheara plans to raise up to $5 million to support the production of its IQbuds wearable technology, which it plans to launch in January.

Nuheara to raise funds for IQbuds production
Nuheara chief executive Justin Miller. Photo: Attila Csaszar

Nuheara plans to raise up to $5 million to support the production of its IQbuds wearable technology, which it plans to launch in January.

Justin Miller-led Nuheara entered a trading halt today, and is seeking to raise the funds by way of a placement to institutional and sophisticated investors, priced at 6 cents a share.

The price represents a 12 per cent discount to the company’s 30-day volume-weighted average price.

The funds will be used for the production and marketing of its IQbuds, which are scheduled for launch at the Consumer Electronics Show in Las Vegas in January.

Nuheara shares were worth 8.1 cents each prior to the trading halt.

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