KUALA LUMPUR (April 22): Internet of Things (IoT) products and artificial intelligence (AI) system-on-chips technology provider Key ASIC Bhd has announced that the issuance of new shares under its private placement exercise has been fixed at 16.02 sen.
In a bourse filing, the group said the issue price was at a discount of 0.018 sen or 10% to 17.8 sen, which its five-day volume weighted average market price up to and including April 20 which is the last market day immediately preceding the price-fixing date.
Key Asic said the number of placement shares will be announced once it is finalised.
The company can issue up to 255.52 million shares, which represent no more than 20% of its total issued shares.
Key ASIC said the company expects to raise gross proceeds of between RM18.91 million and RM20.825 million.
Under the maximum scenario, RM20.635 million will be allocated for the group’s general working capital expenses.
Meanwhile, RM6.65 million will be utilised to partially finance the upcoming projects that the group anticipates to secure, RM10.38 million will be used for staff costs for the group’s existing employees, while RM10 million is earmarked for the Electronic Design Automation (EDA) software licensing fee for the group’s research and development (R&D) activities.
At 12.22pm, Key Asic shares were down by two sen or 9.52% to 19 sen, with a market capitalisation of RM260.58 million.
