The Family Zone Cyber Safety Ltd (ASX: FZO) share price has jumped 8.47% to 64 cents at the time of writing, after a trading halt on the company's shares was lifted today.
This comes after the company revealed it had completed a capital raising to acquire a new business and accelerate its growth in the United States.
Family Zone capital raising
Family Zone successfully completed a $23 million placement to institutional, professional and sophisticated investors. The shares were priced at 53.5 cents, which is a 9.3% discount on the last closing price of 59 cents on 22 June.
Family Zone will be pleased to see its share price emerge from the capital raising in positive territory. Often, new discounted shares from a capital raising can drag a company's share price down.
A recent example includes the Earlypay Ltd (ASX: EPY) share price tanking 7.2% after its capital raising on Thursday. In addition, the Wisr Ltd (ASX: WZR) share price tumbled 14% after its $50 million capital raising on 2 June.
What did Family Zone acquire?
Investors could be snapping up Family Zone shares in response to the company's Net Ref acquisition and US growth plans.
Net Ref is a US-based specialist provider of classroom management tools. The company has been described as a "relatively new entrant" to the US primary and secondary education scene. Within 12 months, Net Ref has grown to service more than 450,000 students.
In addition to Net Ref products, the acquisition also brings together a quality, ready-made sales and support team to drive the company's US growth ambitions.
Family Zone share price jumps to record territory
At the time of writing, Family Zone shares are swapping hands for 64 cents. This is just shy of their record intraday price of 65 cents, reached earlier this afternoon.
Almost 3 million shares have traded hands so far today compared to its 10-day average of about 813,000.
The company has a market capitalisation of more than $254 million.
