Jayride Group Limited (ASX:JAY) has successfully raised AU$1.5 million through Convertible Notes, bolstering its balance sheet and supporting general business operations. Executive Chairman Rod Cuthbert expressed satisfaction with the strong interest from existing shareholders and new investors. The capital infusion, split into two tranches, with the first raising AU$525,000, will be completed next week, and the second, raising AU$975,000, awaits shareholder approval at an upcoming EGM.
The convertible note offering, led by GBA Capital, witnessed demand surpassing the targeted amount, with preference given to existing shareholders. The funds aim to enhance financial resilience, particularly with the Northern Hemisphere summer peak season approaching. Jayride Group, a global online travel marketplace for airport transfers, continues its focus on positive cash flows and profitability, with a strategic and operational review expected in the coming weeks.
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