WANdisco returns to market after delayed results, $30m fundraise

25th Jul 2023 11:06

(Sharecast News) - Shares in data specialist WANdisco were tumbling on Tuesday, as it returned to trading after the publication of its delayed results, and the completion of a $30m fundraise.

The AIM-traded firm said the fundraise was conducted through a bookbuild, resulting in the issue of 47,528,517 new shares at an offer price of 50p each, amounting to £23.76m.

Before the fundraise, the company faced some irregularities and financial challenges, having initially announced a trading revision on 9 March, followed by the appointment of an independent investigation on 10 March.

It then made changes to the board on 3 April, and updated the market on an FCA investigation on 20 April.

Subsequently, on 28 June, WANdisco announced an update on the timing of its results and its equity issue, ahead of the launch of its fundraise on 3 July.

With the completion of the fundraise, WANdisco said it had applied for the new shares to be admitted to trading on AIM.

In alignment with the regulatory requirements, it also published its 2022 annual report and accounts on 12 July.

Following that, both the company and its nominated adviser had made a formal request to lift the suspension of WANdisco's shares from trading on AIM, which took effect at 0730 BST on Tuesday.

At 1057 BST, shares in WANdisco were down 96.18% at 50p.

Reporting by Josh White for Sharecast.com.