- 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
