At the time of writing, the Superloop share price is trading at 93.75 cents, 0.27% in the red from yesterday’s close.
Let’s dive into what happened this morning.
Successful retail entitlement offer
Back on 8 June, Superloop announced its intention to complete a fully underwritten $100 million equity capital raise.
The raise was to be completed via an entitlement offer of new Superloop shares totalling $51 million, plus an institutional placement to institutional investors, to raise $49 million.
The entitlement offer is comprised of an institutional component and a retail component, known as the ‘retail entitlement offer’.
Both the institutional placement and institutional component of the entitlement offer settled successfully on 17 June 2021, with a total of $78.8 million raised, according to the company.
Today’s announcement outlines that the retail entitlement offer settled on 29 June, raising $21.2 million. Approximately 22.8 million new Superloop shares will be issued under this offer on 6 July, the company stated.
The new shares issued under the offer are expected to commence trading on the ASX from 7 July.
Superloop share price snapshot
The Superloop share price has largely walked southwards since 1 January and is currently around 10% in the red since then.
Superloop shares are also down by around 7% over the previous month but have traded up by around 1% over the previous 5 sessions.
Over the last 12 months, Superloop shares have posted a loss of almost 13%, which is well below the S&P/ASX 200 Index (ASX: XJO)’s return of around 20% over this time.
With the current Superloop share price of 93.75 cents, the company has a market capitalisation of around $423.5 million. It is currently trading off its 52-week high of $1.25.