Marley Spoon completes upsized A$57 million equity raise - TechInvest Magazine Online

Global direct-to consumer brand company Marley Spoon (ASX: MMM) has successfully completed A$57m in placements.

Key Highlights

• Successful completion of previously announced A$57m placements
• The placements received strong support from new investors and existing security holders, indicated by upsize of placements from A$52m to A$57m.
• The Placements completed at a premium of 17% to the CDI closing price of A$0.145 on 24 April 2023

The company entered into investment agreements in April 2023 with new and existing investors to raise up to $57m of new capital. One investor chose to upsize its investment.

The placements have now been settled through the company issuing ~33.65m new no-par value registered shares at a price of $1.70 per new share to the placement investors. The new shares would be equivalent to ~336.54m CDIs (at $0.17 per CDI), representing ~46% of the total Marley Spoon CDIs on issue.

The placements occurred in conjunction with a series of transactions involving renegotiation of debt terms and entry into a Business Combination Agreement (BCA) with a Special Purpose Acquisition Company, 468 SPAC II SE, that is listed on the Frankfurt Stock Exchange.

All Placement shares will be sold by the Placement investors to 468 SPAC, and as such, the company does not expect the Placement Shares to be transmuted into CDIs tradeable on the ASX.

The funds raised under the placements will support the company’s near-term growth and working capital needs.