Advising a technology company on issuance of underwritten rights
Piper Alderman advised dorsaVi Limited, a wearable sensor technology company listed on ASX, on its issuance of underwritten rights.
dorsaVi Limited creates revolutionary wireless technology to measure and analyze how we move accurately and objectively. The Company makes wearable sensors, software, and sophisticated algorithms that objectively measure movement and muscle activation.
Piper Alderman has advised dorsaVi Limited on its issuance of underwritten rights. The partially underwritten pro-rata non-renounceable rights issue seeks to raise up to $3.2 million before costs to provide dorsaVi with additional working capital. If fully subscribed, the rights issue would increase the size of dorsaVi by approximately one-third and provide it with the necessary capital to continue to develop its business in North America.
The rights issue documents and process were completed within 8 days to meet the Company’s deadline of announcing the issue at the AGM and to finalize the offer by the end of the year. Piper Alderman was well-positioned to advise on the issuance of underwritten rights because of its experience in Capital Markets and Capital Raisings.