Local tech firm Shark Mitigation Systems has launched a prospectus for a $4 million IPO, while two other WA companies have revised their plans for backdoor listings.
Local tech firm Shark Mitigation Systems has launched a prospectus for a $4 million IPO, while two other WA companies have revised their plans for backdoor listings.
SMS, which is developing technology focused on mitigating shark attacks, plans to list on the ASX and is seeking to raise $4 million in a placement, priced at 20 cents per share.
The company has partnered with the University of Western Australia for the design of its SAMS visual deterrent technology, which disrupts a shark’s ability to detect its prey.
“Our aim is to provide investors with exposure to this burgeoning market while also taking advantage of our position as a market leader in shark-deterring technology,” SMS co-founder Craig Anderson said.
“The SAMS patterns have application on a variety of marine surfaces, not just neoprene wetsuits.
“This could include objects such as diving air tanks, surfboards and even undersea cabling.”
SMS also recently launched its Clever Buoy technology, which uses sonar software and satellite communications to warn beachgoers of nearby shark activity.
“This innovative technology is a practical solution that is non-invasive, causes no harm to sharks and is well-suited for urban centres with heavily populated beaches,” Mr Anderson said.
Alto Capital will manage the placement.
Meanwhile, Perth-based Pacific Ore has rejigged its $7 million capital raising which forms part of its acquisition of Seattle-based Syntonic Wireless.
Pacific, which plans to adopt Syntonic’s business model once the acquisition is complete, said today it no longer needed to raise the full amount as Syntonic has created new business opportunities which is expected to bring in more cash than expected.
“As a result, the previously proposed capital raising has been cancelled,” Pacific said in a statement.
“The company will now raise the minimum amount required by ASX for re-listing compliance, which will reduce dilution and remove any need for a share consolidation.”
Pacific now plans to issue between 25 million and 50 million shares at 2 cents each, to raise between $500,000 and $1 million.
The company expects to begin trading under its new business model in early June.
In other news today, Orca Energy has cancelled plans to reimage itself as a tech company by acquiring Mobimedia International.
In a brief statement, Orca said the proposed acquisition had been terminated by mutual agreement between the two companies.
The agreement was subject to several conditions, including completion of due diligence and Orca’s re-compliance with ASX listing rules, usually done so by successfully completing a capital raising.
“As at March 5, several of the key conditions precedent to completion remained outstanding,” Orca said.
“Rather than extend the expiry date for meeting these outstanding conditions, the parties agreed to terminate the agreement.
“The board will continue to evaluate alternative investment opportunities and look to advise the market in due course.”
Pacific shares were 16.7 per cent higher to 1.4 cents each, while Orca shares lost 9 per cent to 1 cent each at 11:30am.
