BikeExchange Ltd (ASX: BEX) has successfully completed the institutional component of its capital raising seeking to raise up to $3.17 million in total.
The Institutional Entitlement Offer raised approximately $1.13 million.
The retail component of the Entitlement Offer will open on 6 March 2024.
These New Shares are offered at the same price as the Institutional Entitlement Offer of A$0.50 per New Share.
Proceeds from the Placement and Entitlement Offer will be used to:
○ strengthen the balance sheet and provide working capital to support the execution of the company’s growth strategy; and
○ progress the technology platform development, that once complete is expected to result in significant cost savings.
BikeExchange is a leading operator of global online cycling focused marketplaces that enable a dedicated global audience of consumers to connect and transact with thousands of retailers and brands. Its focus is on e-commerce transactions along with seamless bicycle logistics solutions.