Internet of Things play Sensera announces $9m cap raise, unveils $7m loss
Link copied to
Sensera has unveiled what they hope will be their last capital raising, tapping the market for $8.8 million.
The Internet of Things play — which makes tiny sensors that measure things like location or temperature — also told investors its full-year loss widened by 29 per cent to $7 million, compared to $5 million last year.
The raising is priced at 11c — lower than the stock has ever traded — and will raise $8.3 million in a 4-for-9 entitlement offer plus $565,000 from institutions and professional investors.
Sensera (ASX:SE1) shares fell 17 per cent to 12c by 12.30pm AEST Wednesday.
The money will pay the final sum in a deal to buy location awareness platform Nanotron and leave enough for R&D and working capital.
Sensera had to raise $4.6 million at the time of the Nanotron acquisition to fund the deal as well.
Boss Ralph Schmitt told Stockhead last week the fact he’d have to go back to the market for more cash for the third time since listing in 2016 was holding the share price back.
Right now the company has $2 million in cash, compared to $4 million last year.
The loss was largely due to a blow out in general and administration costs, as well as higher R&D spending.
Revenue surged from $1.2 million last year to $6.35 million this year.
This is on the back of growth in medical devices and a partnership with Abiomed, and its agritech cow-monitoring tag business with Smartbow — which has since been taken over by Zoetis, the world’s largest producer of medicine and vaccinations for pets and livestock.
It’s predicting that to grow by 70 per cent in 2019 to $10.5 million to $11.5 million.