APX: Appen announces fully underwritten A$60m equity raising

APPEN LIMITED

• Appen announces a fully underwritten ~A$60 million Equity Raising to support the company's strategic refresh and return to profitability.
• Proceeds will be used to fund costs associated with Appen's cost reduction program, provide balance sheet flexibility, and support its return to profitability.
• Equity Raising is comprised of a ~A$38 million 1 for 6 pro rata accelerated non-renounceable entitlement offer and a ~A$21 million institutional placement.

2023-05-16 08:53:00