Deepverge Raises GBP10 Mln in Share Placing; Shares Fall - MarketWatch

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By Matteo Castia

Shares in Deepverge PLC fell Monday after the company said it has raised 10 million pounds ($14.2 million) by way of share placing and subscription in order to expand its business and for working capital purposes.

The environmental and life-science AI company said it has placed 31.5 million new ordinary shares and offered for subscription 1.8 million new ordinary shares at a discount price of 30 pence, 12% cheaper than Friday's closing price of 34 pence.

Deepverge said the fundraise comprises a firm placing of 21.1 million shares to raise GBP6.3 million, a conditional placing of 10.4 million shares to raise GBP3.1 million and a conditional subscription for 1.8 million shares to raise GBP550,000.

Shares at 0845 GMT were down 2.5 pence, or 7.4%, at 31.5 pence.

Write to Matteo Castia at matteo.castia@dowjones.com

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