Wellington Drive to raise up to $5.4m in discounted offer

Thu, 25 Jun 2020

Wellington Drive Technologies will raise up to $5.4 million in a discounted one-for-three rights issue to give it enough money to weather the covid-19 pandemic. The rights won’t be tradeable, but eligible investors are entitled to find buyers off-market before the offer closes on July 16. Investors will be able to buy shares at 5 cents each, a discount to yesterday’s close of 10.4 cents. The company said it’s received commitments of about 58 percent of the rights, including strategic partner East West which will take...

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