Sydney-based SaaS data analytics platform provider HSC Technology Group has undertaken a placement to raise $3 million to boost its balance sheet. Over 176.4 million shares will be issued to sophisticated and institutional investors at a share price of 1.7 cents. The company didn’t disclose how much it aims to raise or for what the capital raised would be used for. The company will be issuing all of its 176,470,588 shares to institutional and sophisticated investors and the shares are expected to be allocated by December 24th 2020.
More on HSC Technology’s capital raising
The share price represents a 5.6% discount to the company’s last closing price of 1.8 cents on December 17th 2020 and a 7.1% discount to a 5-day volume-weighted average price. Graham Russell, Managing Director of HSC Technology Group says the strong demand represents confidence in the market in HSC and how they are ideally positioned to take advantage of the growing demand for health tech.
The company will use the funds raised to accelerate its working capital, position it for future growth opportunities and strengthen its balance sheet. On 21st December 2020, HSC ended the day 5.56% in the red with its shares trading at 1.7 cents in a $30.78 million market cap.
About HSC Technology Group
HSC Technology Group is a SaaS data analytics firm that uses modern technologies like machine learning and artificial intelligence to deliver insights for decision making and provide a coherent health monitoring experience. It is a Sydney-based publicly listed firm that offers its proprietary data analytics platform that uses a range of Internet of Things-enabled sensors and devices to deliver insights.
Through its technology, HSC offers its solutions that allow seniors and people living with disabilities to live independently in their own homes. It offers its services in 3 major verticals – HSC Home, HSC Care and Data Analytics (Talius). The platform by HSC helps organizations in increasing sales inquiries, decrease client turnover, increase conversions and revenue and provide real-time data and insights. Their products have a broad range of applications across various industries such as health, home automation and security.
In August 2020, the aged-care technology provider HSC entered a reseller agreement with an NSW commercial department of Harvey Norman Holdings. The agreement will see products of HSC Care and HSC Home marketed to trade-only customers such as architects, builders, plumbers, etc.