Zip completes share purchase plan, raises $23.9M
Digital payments firm Zip Co Limited (ASX:Z1P) announces that its Share Purchase Plan (SPP) announced to the market on 28 February 2022 and 1 March 2022 closed on 1 April 2022.
The SPP allowed eligible shareholders the opportunity to subscribe for up to $30,000 worth of new shares in Zip (subject to the terms and conditions of the SPP) at an issue price equal to the lesser of:
- $1.90, being the price at which shares were issued under the institutional placement; and
- a 2% discount to the volume weighted average price of Zip’s shares traded on the ASX during the five trading days up to and including Friday, 1 April 2022 (being the date the offer closed), rounded to the nearest cent.
Zip confirms that the final issue price under the SPP is $1.48 per share. Zip raised $23,987,565.
The SPP followed the successful completion of the $148.7 million institutional placement to new and existing institutional, sophisticated and professional investors.
A total of 16,206,9612 ordinary shares will be allotted and issued under the SPP at $1.48 per share.
Allotment of the new shares is scheduled for Friday, 8 April 2022 and the new shares are expected to be quoted on the ASX on Monday, 11 April 2022.