FinTechFunding

Buddy Technologies: Raises $13M for growth

  • Smart tech company Buddy Technologies (BUD) has received firm commitments to undertake a $13 million placement
  • All up, 271 million fully paid ordinary shares will issued to institutional and sophisticated investors and shareholders at 4.8 cents
  • This price represents a 14.3 percent discount to Buddy’s last 5.6 cent closing price on November 6
  • Subject to shareholder approval, three board members will participate, potentially subscribing for more than 3.6 million shares
  • Buddy will use the money to support growth, pay its outstanding vendor debt, and support additional manufacturing of its Lifx smart lights
  • Company shares are down 3.57 percent, trading for 5.4 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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