Fluene Corporation Limited (ASX: FLC) has successfully raised AU$40.7 million in capital, resulting in a cash balance that surpasses debt by over US$5 million. This robust balance sheet strength provides the new management team with the flexibility to execute the company's strategy effectively. As part of this financial restructuring, Fluene Corporation repaid US$13 million of a Term Loan to Up well Water LLC, with the remaining balance anticipated to be settled upon maturity in July 2024.
The capital raising received substantial support from existing shareholders, Australian and international family offices, as well as institutional investors, including a significant AU$11 million contribution from Chairman Doug Brown, who now holds a 14% stake in the company. The management's revised strategy emphasizes higher-margin Smart Product Solutions and Recurring Revenue, with a primary focus on the North American market.
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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.
