Spacetalk Ltd (ASX: SPA), a company that develops and sells hardware and software to provide safety at every stage of life, has announced it has received firm commitments from institutional and professional investors to raise approximately $6 million (before costs) via a two-tranche placement of fully paid ordinary shares. The company is also pleased to announce the appointment of Mr Andrew Grover as an independent Non-Executive Director, subject to the completion of standard onboarding procedures.
The placement will involve the issue of 100,230,000 new fully paid ordinary shares at an issue price of $0.06 per share. Tranche 1, consisting of 15,694,712 shares (approximately $941,683), will be issued immediately under the company’s existing placement capacity, pursuant to ASX Listing Rule 7.1. Tranche 2, comprising 84,535,288 shares (approximately $5,072,117), is subject to shareholder approval at a General Meeting expected to be held in May 2026.
The issue price of $0.06 per share represents a discount of 21.1% to the last closing price of $0.076 per share on 23 March 2026, and a 19.6% discount to the 5-day VWAP of $0.074 per share up to and including 23 March 2026. Taurus Capital Group Pty Ltd served as the Lead Manager for the placement.
According to Spacetalk CEO and Managing Director Mr Simon Crowther, the raised capital will be applied to the enhancement of the Spacetalk app, investment in inventory and MVNO wholesale costs, working capital, and the costs of the offer. The funds will enable Spacetalk to accelerate development of its new app and support growing subscriber demand. Mr Grover’s appointment is expected to be finalised within the next two weeks.
