Scooter manufacturer and retailer Vmoto has been admitted to London's Alternative Investment Market after raising £1.6 million ($2.44 million) through a share placement.
Vmoto said it had raised the funds by issuing just over 121 million new shares to institutional and sophisticated investors, with the placement priced at 1.3 pence per share.
UK-based broker finnCap is acting as Vmoto's adviser to the listing and placement.
Vmoto managing director Charlie Chen said the company was delighted to the reaction to the AIM listing.
“The funds we have raised will enable us to deliver on our existing opportunities in an expedient way, including ramping up PowerEagle production lines,” Mr Chen said in a statement.
“We intend to make the most of the support shown by the London investment community to expand our marketing and sales operations in Europe to exploit the growing demand for electric scooters.”
Vmoto stocks were down 10 per cent at 11:00AM, WST, trading at 2.7 cents.
