Being AI plans share purchase to fund expansion

Being AI has announced plans to undertake a share purchase plan (SPP) aimed at raising funds.

The SPP, which is not underwritten, will be open to the company's existing shareholders in New Zealand.

It is intended to result in the issuance of up to 9.34 million new shares, with eligible shareholders having the opportunity to apply for up to $50,000 of new shares.

Being AI's board of directors may accept oversubscriptions at its discretion.

The funds raised through the SPP will be used for various initiatives, including the acquisition of complementary businesses in the IT infrastructure and services vertical, investment in the development of new technology, and the development and launch of new charter school initiatives.

The issue price for the SPP has been set at $0.60 per share.