NowVertical Group (NOW) has increased the size of its overnight marketed public offering.
Under the amended terms, the company intends to issue units at a price of $0.95 for minimum gross proceeds of $5,000,000 and maximum gross proceeds of $9,000,015.
Should the over-allotment option be exercised in full, the aggregate gross proceeds of the offering will be $10,350,017.
Each unit will consist of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each warrant will be exercisable for one subordinate voting share at a price of C$1.25 for a period of 24 months following the closing of the offering.
The offering will be conducted by Echelon Wealth Partners Inc. as sole agent and bookrunner.
NowVertical has granted the agent an option, exercisable in whole or in part, for a period of 30 days from the closing of the offering, to purchase up to an additional 15 per cent of the units sold.
The offering is expected to close on or about December 7, 2021, and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals.
NowVertical will use the net proceeds to increase its sales and marketing team, increase its finance and operations team, for product development, for general and administrative expenses and to finance potential acquisitions.
NowVertical is a global big data software and services company that helps its clients better understand, manage and utilize their data. NOW is focusing on scaling its current efforts with customers in a variety of verticals including automotive and OEM, government, law enforcement, healthcare, financial services, e-commerce, and energy and renewables.
NowVertical Group Inc. (NOW) opened trading at C$0.98 per share.