BRIEF: Minieye to raise up $26 million through share placement at 10% discount
Smart driving and smart cockpit solutions provider Minieye Technology Co. Ltd. (2431.HK) said on Wednesday it will place approximately 14 million new H-shares at a price of HK$14.88 per share, representing a 10% discount to Tuesday’s closing price of HK$16.53. Net proceeds are expected to reach up to HK$204 million ($26.15 million), with placement shares accounting for about 3.33% of the company’s enlarged issued share capital.
The company will use approximately 70% of the money to develop Level 4 (L4) driverless logistics vehicles, including R&D for next-generation products, upgrading operational platforms and expanding its sales network. Around 30% will be used to upgrade the company’s core R&D platform, including improving efficiency of its data closed-loop system, enhancing front-loading capabilities, and developing multiple L4 autonomous vehicle product lines.
Shares of Minieye opened down 2% at HK$16.20 on Wednesday. The stock is down 60% from its 52-week high.
By Lau Chi Hang
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