Piper Alderman advises on dorsaVi underwritten rights issue
Piper Alderman has advised dorsaVi Limited (a wearable sensor technology company listed on the ASX) on its issuance of underwritten rights.
The partially underwritten pro-rata non-renounceable rights issue seeks to raise up to $3.2million before costs in order to provide dorsaVi with additional working capital.
If fully subscribed, the rights issue will 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 in order to meet the company’s deadline of announcing the issue at the AGM and to finalise the offer by the end of the year.
James Macdonald, Principal and James Hill, Associate advised on the deal and commented:
“Piper Alderman and Norton Gledhill have had a long standing relationship with dorsaVi and we are delighted to be able to meet such a challenging timetable in order to ensure that this important transaction could be implemented this year.”