RocketBoots Limited (ASX: ROC), a company focused on transforming video into performance improvement using Edge AI, cloud computing, simulation, advanced analytics and out of the box user interfaces for large retailers and banks, has announced it will raise A$7 million via a placement at $0.25 per share. The placement garnered firm commitments from both new and existing sophisticated investors, including the addition of four new institutions to the company’s register.
The raised capital will be strategically allocated to bolster RocketBoots’ international expansion efforts and meet working capital needs as the company scales its operations to fulfil current and future customer contracts. According to RocketBoots, the funds will expedite conversion of its global enterprise pipeline.
The placement involves the issuance of 28,000,000 new fully paid ordinary shares, utilising the company’s existing capacity under Listing Rules 7.1 and 7.1A. A company director will also participate in the offer, subject to shareholder approval. The offer price represents a discount to recent trading prices, ranging from 5.7% to 17.9% based on various volume-weighted average prices.
RocketBoots CEO Joel Rappolt expressed satisfaction with the strong investor interest following the signing of a significant contract with a tier-one global retailer. He noted that the capital raising positions the company to scale its global team and deploy its proprietary AI-driven loss-prevention platform, which is expected to deliver a material uplift in annual recurring revenues.
