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Tech company aims to expand locally for US growth
Piper Alderman has advised dorsaVi Limited on its issuance of underwritten rights.
Grace Ormsby
Firm: Piper Alderman (dorsaVi)
Value: Approximately $3.2 million
Area: Capital markets
Key players: Principal James Macdonald and associate James Hill acted for Piper Alderman.
Deal significance: DorsVi is a wearable sensor technology company listed on the ASX.
This partially underwritten pro-rata and non-renounceable rights issuance aims to raise $3.2 million before costs to provide the company with additional working capital.
The rights issue will be offered to eligible shareholders in Australia and New Zealand at an issue price of $0.058 per share.
If the rights issue is fully subscribed to, it will increase dorsaVi’s size by around one-third, providing it with the necessary capital to develop its business in North America.
“Piper Alderman and Norton Gledhill have had a long-standing relationship with dorsaVi,” a statement from Piper Alderman said.
The statement expressed delight at being able to meet “such a challenging timetable in order to ensure that this important transaction could be implemented this year”.
