Wynyard to raise $30M in deeply discounted rights offer; shares tumble 37%

Tue, 23 Feb 2016

By Jonathan Underhill Feb. 24 (BusinessDesk) - Wynyard Group, the crime-fighting and security software developer, plans to raise about $30 million in a one-for-four renounceable rights offer at 85 cents a share, a 55 percent discount to its last trading price and well below the minimum $2 that shareholders approved in December. The shares tumbled 37 percent when they resumed trading. The company needs extra funds to meet its working capital requirements by the end of March, having raised $42.6 million in 2015, when its net cash outflow wa...

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