Minieye Technology to Raise HK$204 Million via Share Placement

MT Newswires Live11-26

Minieye Technology (HKG:2431) will raise about HK$204.4 million in net proceeds through a placement of up to 14 million new H shares at HK$14.88 each, according to a Wednesday Hong Kong bourse filing.

Minieye shares slumped 8% on the news.

Shares were priced at about a 10% discount to the last close and a nearly 14% discount to the five-day average.

The placing shares account for 3.4% of Minieye's existing share capital and 3.3% of its enlarged base after completion.

The shares will be allotted to at least six institutional and corporate investors, all of whom are independent third parties.

Minieye said it will use the funds mainly for developing its L4 unmanned logistics vehicle business and upgrading its foundational R&D platform.

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