Flexiroam Limited Launches $3.93 million Capital Raise to Support Growth

Highlights:

• $3.93 million Capital Raise: Flexiroam Limited (ASX: FRX) is conducting a non-renounceable entitlement offer at $0.005 per share to raise approximately $3.93M (before costs).
• Strategic Fund Allocation: Proceeds will support loan repayments, working capital, and expansion efforts in the eSIM travel market.
• Leadership Confidence: Founder and interim CEO Jef Ong proposes to underwrite up to $1M, showcasing strong belief in the company’s growth strategy.

Entitlement Offer Details

Flexiroam Limited (ASX: FRX), a provider of global connectivity and data solutions, has announced a non-renounceable pro-rata entitlement offer to raise approximately $3.93 million (before costs). Eligible shareholders can subscribe to one new share for every share held as of the record date, January 13, 2025, at an issue price of $0.005 per share. The offer is expected to open on January 16, 2025, and close on January 30, 2025, at 5:00 PM (AWST).

Utilization of Funds

The funds raised will primarily be allocated toward repaying loan obligations and general working capital to fuel the company’s ongoing operations and growth initiatives. At the time of writing, Flexiroam aims to strengthen its position in the eSIM travel market, focusing on innovation, customer acquisition, and exploring new market opportunities.

Underwriting Commitment

Founder and interim CEO Jef Ong has proposed to partially underwrite the offer, committing up to $1 million, provided his voting power remains under 19.99%. This demonstrates strong leadership confidence in the company’s strategic direction.

Participation Guidelines

Eligible shareholders from Australia, New Zealand, Malaysia, Singapore, and Hong Kong can participate. Options include taking up full entitlements, partial entitlements, or allowing them to lapse. Additionally, shareholders may apply for shortfall shares if available.

Key Takeaway

Flexiroam’s capital raise underpins its commitment to innovation and operational growth, marking a pivotal step in its market expansion strategy. Shareholders are encouraged to carefully review the offer document before deciding to participate.

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