FinTechFunding

Beam Communications: Completes $5M placement

  • Beam Communications (BCC) has completed a share placement and successfully raised $5 million
  • The company decided to increase the initial target of $2.5M after the lead manager, Peak Asset Management, received more than $14M in bids
  • Further, participants received one option for every three new shares subscribed for
  • The option will have an exercise price of 50 cents with expiry on December 31, 2022
  • Beam will use the funds to expand its global messaging device ZOLEO into new markets in Asia and Europe and develop new Iridium Certus devices
  • After emerging from a trading halt, Beam is up a steady 11.3 per cent with shares trading for 34.5 cents each
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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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