Sezzle is pleased to provide an update in relation to its capital raising, which was announced to the ASX on Friday, 10 July, 2020.
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Summary
- Sezzle has successfully raised A$79.1 million via a fully underwritten institutional placement (Placement)
- The Placement priced at A$5.30 per CDI and was well supported by existing and new CHESS Depositary Interest (CDI) holders
- A non-underwritten Security Purchase Plan (SPP) to raise approximately A$7.2 million will follow the Placement with eligible Sezzle CDI holders offered the opportunity to acquire additional CDIs
- Proceeds will be used to accelerate Sezzle’s growth strategy and strengthen its balance sheet
Placement
Sezzle advises that it has successfully completed a fully underwritten institutional Placement of 14.9 million CDIs at A$5.30 per CDI, to raise A$79.1 million.
Pricing for the Placement was determined via a bookbuild process with an underwritten floor price of $5.00 per CDI. The Placement ultimately priced at A$5.30 (Placement Price), with the Placement Price representing a:
- 23.7% discount to the last traded price of A$6.95;
- 4.6% discount to the 5-day VWAP of A$5.56; and
- 3.0% premium to the 10-day VWAP of A$5.14.
At the Placement Price, Sezzle issued approximately 14.9 million CDIs under the Placement (Placement Securities), representing 8.4% of the Company’s existing issued capital.
Eligible institutional CDI holders which bid for an amount less than or equal to their pro rata share of the Placement Securities were allocated their full bid, on a best endeavor’s basis.,
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