HSC Technology Group has banked $1.5 million from institutional and sophisticated investors to bolster hardware inventory levels for an increased sales pipeline.
The investor support comes on the heels of high levels of buyer demand, including a recent initial order of 5,000 personal emergency response systems and a non-binding target for an additional 15,000 units.
Previously focused on the aged care sector, the Internet of Things-focused company recently breached into the broader health care market after receiving TGA approval to integrate and sell the CardiacSense watch across Australia and New Zealand.
The company said it was an essential tick of approval from high-quality investors.
“We are well aware of the complexity of the current macro environment and see this participation, at this time, as a huge vote of confidence,” managing director Graham Russell said.
“Our focus on building inventory is to service what we see as a very exciting pipeline and also to ensure we mitigate broader supply chain issues.”
HSC has entered into placement agreements with a number of new and existing investors for the issue of approximately 150,000,000 Placement shares at an issue price of $0.01 per share, representing a 9.09 per cent discount to the 5-day VWAP of $0.011 per share and a 9.09pc discount to HSC’s last closing price of $0.011 per share (as at Friday, 27 May 2022).
HSC’s Australian Stock Exchange-listed share price was trading at 1.1c today (9.28 am UTC+ 8 hours)