The Dubber Corp Ltd (ASX: DUB) share price is soaring today despite no news having been released by the company.
Dubber stocks have broken through its point of resistance to reach its highest price since before it shifted from gold mining to technology in 2015.
Dubber now operates a call recording, management, and access service through its cloud-based platform.
Right now, the Dubber share price is $3.40, 5.26% higher than its previous close.
However, earlier today the Dubber share price reached $3.44, representing a 6.5% gain.
Let’s take a look at what might be driving Dubber higher today.
The latest from Dubber
The last time we heard from Dubber was just last week when the company announced a successful capital raise.
Its unclear whether the gains the Dubber share price is experiencing today is a belated reaction to the announcement.
Last Tuesday, Dubber announced it successfully underwent an institutional placement as part of a $110 million capital raise.
The placement announced by Dubber was the first tranche of a 2 tranche capital raise.
As part of the first tranche, more than 33 million Dubber shares were offered for $2.95 a piece.
The second tranche is dependent on shareholder approval and is expected to take place in September.
The company didn’t state what it plans to use the funds for.
However, Dubber’s CEO commented on a “unique opportunity” that would allow the company to “not only become one of Australia’s leading technology companies, but a true global leader in our field”.
The company also stated it plans to increase its reoccurring revenue by 156% to reach $100 million per year.
Dubber share price snapshot
The Dubber share price has been performing well on the ASX lately.
It has gained an impressive 94% since the start of 2021. It has also increased by 165% since this time last year.
The company has a market capitalisation of around $938 million, with approximately 257 million shares outstanding.