- Fatfish announces $3.25 million cap raise to build and incubate digital entertainment ventures
- FirstWave completes its first $1 million sale under expanded Telmex relationship in Mexico
- BirdDog Technology says it has overcome camera contract manufacturing challenges
Fatfish raises $3.25 million in oversubribed placement
The tech venture firm Fatfish Group (ASX:FFG) has announced a heavily oversubscribed $3.25 million placement to incubate and launch new digital ventures.
FFG will issue more than 216 million new ordinary shares with each share to be issued at 1.5 cents, an approximate 25% premium over the last 15 days volume weighted average price (VWAP).
The company says subject to shareholder approval to be sought via an EGM, each new share will have attached a free attaching option on a 1:1 basis, which will have an exercise price of 2 cents/option and an expiry of three years, from the date of issue.
Management of FFG will subscribe for $250k worth of shares, which the company says shows their confidence and commitment into “refreshing the company’s mission in the next phase”.
FFG says with funds raised it’s looking to build and incubate more ventures in the digital entertainment field, using big data and machine learning technologies. Funds raised will go towards this goal.
FirstWave expanded reseller deal in Mexico pays off
FirstWave Cloud Tech (ASX:FCT) has secured its first major sale of its technology as part of an expanded reseller deal with Mexico’s largest telecommunications group, Telmex, which has used a range of its products since 2011.
Under a newly expanded relationship, it has become a reseller of FirstWave’s industry-leading Network Management Information System (NMIS) platform by bundling the software with its network sales.
Telmex completed its first bundling of the NMIS platform this week with the sale of a new network to a government client, which will deliver ~$1 million in revenue for FCT over the next three years with a minimum of $400k this financial year and $300,000 in each of the following two financial years.
Chief revenue officer Dino Davanzo says the expanded relationship with Telmex provides a significant opportunity for FCT to extend its existing presence in Latin America.
“Having Telmex bundle our software into the sale of a data network is an exciting evolution for us,” he says.
“This method of working together opens significant opportunities for FirstWave, and securing the first win with the first proposal is excellent news.”
BirdDog overcomes camera contract manufacturing challenges
Some good news for provider of broadcast quality, software-enabled video solutions, BirdDog Technology (ASX:BDT) says it has overcome camera contract manufacturing challenges.
On November 8 BDT announced it had commenced proceedings in the United States District Court against its camera contract manufacturer, known as Bolin.
BDT told the market the proceedings relate to recent supply chain disruptions noted within the company’s most recent quarterly update.
“Following persistent efforts by BirdDog to resolve these matters commercially and expeditiously, BirdDog has not been able to reach a satisfactory resolution and has thus initiated proceedings for the return of deposits paid plus damages for disruption to the supply chain in the order of US$3 million,” BDT said at the time.
In its latest announcement BDT says it has implemented a series of cost-optimisation and operational efficiency initiatives, designed to accelerate its path towards EBITDA profitability.
BDT says the initiatives encompass two key pillars including long-term camera manufacturing security and implementation of a company-wide cost improvement program.
“Pleasingly ahead of schedule, the first shipments of two new products from a new manufacturing partner arrived at BirdDog’s warehouse this week, for immediate forward delivery to customers,” BDT says in its latest announcement.
“Additional new products, from each of the Company’s three fit for purpose camera contract manufacturers are scheduled to ship during the March 2024 and June 2024 quarters, ensuring continued inventory flows.”