IN BRIEF: Built Cybernetics raises GBP3 million amid reverse takeover
Built Cybernetics PLC - London-based 'smart building' technology - Shares resume trading in London on Tuesday, after Built Cybernetics raises GBP3.1 million in total from a placing, subscription and retail offer of shares at 1.5 pence each to support its reverse takeover. The company had made use to the AIM market's capital access window to suspend trading in its shares during the equity raise. Built Cybernetics will issue 410.3 million new shares in total, including consideration shares issued for its all-share reverse takeover of Ecolibrium Inc.
At the end of last month, Built Cybernetics announced the reverse acquisition of India-based Ecolibrium, which provides artificial intelligence-led energy and operational optimisation systems to large commercial and industrial customers. Ecolibrium's largest shareholder, Unbound Holdco Ltd, which is managed by Shravin Bharti Mittal, will become Built Cybernetics' largest shareholder following completion.
Current stock price: 1.70p, up 6.2% in London on Tuesday
12-month change: down 17%
By Tom Waite, Alliance News editor
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