MetaOptics shares soar nearly 14% on proposed share placement
Proceeds are expected to strengthen the group’s financial position and expand its capital base to support a growing pipeline of global orders
[SINGAPORE] Shares of semiconductor optics company MetaOptics soared close to 12 per cent on the morning of Monday (Dec 1) after the firm announced it is proposing to raise S$4.85 million through a share placement.
Metaoptics shot up nearly 14 per cent at around 10:39am to S$0.805, compared to its last close of S$0.715.
The firm said in a release on Monday that it is proposing a placement of 6,685,028 new ordinary shares at S$0.7255 per placement share.
It said the proceeds are expected to strengthen the group’s financial position and expand its capital base to support an anticipated growing pipeline of global customer purchase orders. It will also provide liquidity and funding for its general working capital requirements, it said.
“The proceeds from the Share Placement will reinforce working capital, enhance supply-chain readiness and accelerate MetaOptics’ scaling plans for its glass-based metalens solutions as demand rises across consumer devices, automotive systems and emerging industrial applications,” the firm said in the statement.
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