Following the placement of 108,000,000 shares on July 8, Winking Studios has announced that all new ordinary shares have been fully subscribed, amounting to net proceeds of $26.5 million.
The shares were at an issue price of 25 cents each, representing a discount of approximately 1.0% to the volume weighted average price of 25.24 cents per share.
The $26.5 million in net proceeds will go towards funding Winking’s business strategy and future plans such as strategic acquisitions, alliances and joint ventures, secondary or dual listings
The company also intends to further enhance its current operational capabilities, which includes the development of artificial intelligence (AI) tools and maintaining high-quality services and art assets, and to expand and improve the infrastructure of its offices so as to increase its market presence globally.
Executive chairman and CEO, Johnny Jan says: “We are heartened by the vote of confidence from regional investors from Singapore, Malaysia and Taiwan. Since our listing, we have been gaining interest and recognition from the investment community and have been actively expanding our network and market presence.”
He concludes: ““Funds from this placement are timely to support our ongoing pursuit of corporate initiatives, strategic acquisitions and enhancements to our operational capabilities to further strengthen our market position globally. We remain committed to implement our growth strategies to unlock new value propositions for all our stakeholders.”
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
Shares in Winking Studios closed flat at 27.5 cents on July 9.
