By Jaime Llinares Taboada
Shares in GSTechnologies Ltd. fell Friday after it said that it has raised 1.0 million pounds ($1.3 million) via a discounted equity raise to develop the Wise MPay technology and fund sales and marketing costs.
Shares at 0806 GMT were down 8.7% at 2.10 pence.
The fintech and information technology solutions company said it has issued 50 million shares at a price of 2.0 pence each, representing a discount to the 2.3 pence closing price on Thursday.
“The Placing will provide additional funds for us to accelerate the implementation of our fintech plans, in particular in conjunction with our collaboration partner Wise MPay, and as we look to complete the acquisition of Angra,” Chairman Tone Goh said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
Read More: GSTechnologies Raises GBP1 Mln to Develop Technology, Fund Sales