BRIEF: iMotion raises $10 million in share placement
Autonomous driving technology company iMotion Automotive Technology (Suzhou) Co. Ltd. (1274.HK) announced on Tuesday that it will place 4.43 million new shares at a price of HK$17.58 per share, raising approximately HK$78 million ($10 million). The placement price represents a 13.2% discount to the stock’s Monday’s close, and the new shares account for 1.92% of the company’s enlarged issued share capital.
Proceeds from the placement will be used to enhance the iMotion’s development of advanced intelligent driving and automated driving and cockpit integrated solutions and products, and for R&D and manufacturing facilities, and to expand the company’s overseas sales and service networks.
The company’s stock opened down 2.3% at HK$19.78 on Tuesday morning.
By Lau Chi Hang
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