Close The Loop announced the acquisition of ISP Tek Services

Close The Loop Limited (ASX: CLG) announced a deal to buy 100% of ISP Tek Services LLC and Captive Trade Corp., two US-based electronics refurbished and trading platform firms in Southlake, Texas, for up to US$66 million (AU$99.7 million). The purchase will provide the company with significant consumer and commercial electronics remanufacturing and technology capabilities and a major sales and trading presence in the US market and broad distribution networks. It will also expand the company's reuse capabilities and increase its service offering to original equipment manufacturers (OEMs), supporting sustainability and circular economy goals.

To fund the acquisitions of ISP Tek Services and Captive Trade Inc., the company completed an AU$45 million placement of new fully paid ordinary shares to sophisticated and institutional investors. The placement will be accomplished in two steps. The placement will comprise the issuance of 136.36 million New Shares at AU$0.33 per New Share, raising a total of AU$45 million.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com