MetaOptics shares close 16.8% higher 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 by close to 12 per cent on the morning of Monday (Dec 1) after it announced that it is proposing to raise S$4.85 million through a share placement.
MetaOptics shot up nearly 14 per cent at around 10.39 am to S$0.805, compared to its previous close of S$0.715. The counter ended Monday at S$0.835, up S$0.12 or 16.8 per cent.
It 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.
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.
“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 company said in the statement.
MetaOptics launched its initial public offering at S$0.20 a share and started trading in Singapore in early September; the price has soared about 300 per cent since then.
“MetaOptics is seeing strong commercial momentum as adoption of metalens technology increases across multiple high-growth markets,” said Thng Chong Kim, executive chairman and chief executive. “This capital injection strengthens our ability to serve customers, execute on delivery commitments and advance our product road map.”
Last week, the company’s shares rose on the news that it is planning for a dual listing on the Nasdaq in the US, before Singapore Exchange (SGX) announced the SGX-Nasdaq dual-listing bridge the same week.
MetaOptics announced that it established a fully owned US subsidiary in late October.
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