Zeus is delighted to have acted as Joint Broker to CyanConnode Holdings plc in raising £5.4million by way of an equity placing and subscription, at a premium of 17.6% to the market price.
CyanConnode, the AIM quoted world leader in narrowband radio frequency mesh networks, recently announced that it had secured an order from a global partner for 6.5million modules, doubling its existing order book to 13.1million units.
The net proceeds of the fundraise will primarily be used to provide ongoing working capital for growth; strengthen the Company’s balance sheet to enhance commercial engagement with key stakeholders; and fund the setup of a hardware product design lab in India which will enable a ramp up of operations.
Zeus Team
Simon Johnson (Corporate Broking), Louisa Waddell (Investment Banking), and Bob Liao and Carl Smith (Research).
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