MINIEYE to Raise Approximately HK$122 Million via Placement of Up to 20.13 Million New Shares

Stock News07-22

MINIEYE (HKEX: 02431) has announced a plan to raise funds through a share placement.

The company intends to place up to 20,132,400 new H-shares, which represents approximately 4.85% of the total shares issued as of the announcement date and about 4.63% of the enlarged share capital following the placement.

The placement price has been set at HK$6.23 per share. Assuming the full allotment of all placement shares, the gross proceeds from the placement are expected to be approximately HK$125 million, with net proceeds estimated to be around HK$122 million.

The company plans to allocate and utilize the net proceeds from the placement in the following manner over the next two years: (i) approximately 70% will be directed towards the development of the group's autonomous vehicle and physical AI business, including next-generation autonomous vehicle product R&D, embodied intelligence and physical AI technology development, operational platform upgrades, and strategic partnership project implementation; (ii) the remaining 30% will be used for upgrading the foundational R&D platform, which includes enhancing the efficiency of the data closed-loop system to better empower solutions for vehicle manufacturers and support the development of multiple product lines for autonomous vehicles and physical AI.

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