市场见解

Tesserent share price slumps 6% following capital raise

Tesserent raises more capital to fund its acquisition strategy.
The post Tesserent share price slumps 6% following capital raise appeared first on The Motley Fool Australia. –

The Tesserent Ltd (ASX: TNT) share price is under pressure on Tuesday after the company received binding commitments to raise $25 million.

At the time of writing, shares in the cybersecurity and cloud services company are down 6.38% to 22 cents.

Tesserent share price dives on successful capital raising

Tesserent successfully raised approximately $25 million at an offer price of 21 cents per share.

This represents a 10.6% discount to its last traded price on Thursday, 23 September of 23.5 cents.

According to the company’s announcement, the placement was “significantly oversubscribed” with strong support from new and existing investors.

The capital raising will issue up to approximately 119 million new shares, representing approximately 11.1% of the existing shares on issue.

The resulting dilution for existing shareholders and offer discount is likely weighing on the Tesserent share price on Tuesday.

Management commentary

Tesserent’s co-CEO Julian Challingsworth commented on the capital raising, saying:

We are pleased at the success of this equity raising to support the enhancement of our core capabilities and operational footprint in strategic high growth locations with a focus on the federal government market.

What’s the capital raising for?

It is understood that Tesserent will use the proceeds to fund strategic acquisitions and pay off deferred acquisition payments including:

~$6 million for the upfront cash component for Loop Secure
~$5 million for the deferred cash consideration and earn-out component of Airloom
~$11 million for the 40% cash consideration of strategic acquisitions under the acquisition strategy previously closed to market
~$3 million relating to planned investments and capital raising costs

Tesserent share price snapshot

The Tesserent share price is down 35% year-to-date.

This is despite the company successfully executing its aggressive acquisition strategy and delivering triple-digit revenue growth in FY21.

The post Tesserent share price slumps 6% following capital raise appeared first on The Motley Fool Australia.

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More reading

Why the Tesserent (ASX:TNT) share price is frozen today
Why is the Tesserent (ASX:TNT) share price down 22% in a month?
Tesserent (ASX:TNT) share price fails to fly despite 230% revenue growth in FY21

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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