The Life360 Inc (ASX: 360) share price is edging higher during mid-afternoon trade. This comes after the mobile app maker provided investors with its retail entitlement offer information booklet today.
At the time of writing, Life360 shares are fetching for $12.07 apiece, up 2.29%.
Life360 begins retail entitlement offer
Investors are buying up the Life360 share price following the company's capital raising efforts.
Last week, the company announced it successfully completed the institutional component of its fully-underwritten $280 million placement. This saw approximately $248.9 million raised from both institutional and sophisticated investors.
Life360 revealed the details of its retail component today for eligible investors.
The retail entitlement offer will see 1 new CDI share for every 15.64 Life360 CDI share owned. Each new CDI represents one third of a share of common stock in the company.
Listed at an offer price of $12 apiece, Life360 is hoping to raise gross proceeds of $31.1 million. This follows the successfully completed Institutional Entitlement Offer which received $88.7 million. Together, Costa is aiming to raise $119.8 million from both offers.
Approximately 9.98 million CDI's will be created in the retail entitlement offer.
The closing date for the retail offer is 13 December 2021. The record date has already surpassed (25 November 2021) if you were hoping to get in on the action.
Life360 is seeking to build up its balance sheet to fund the acquisition of Tile, Inc for up to US$205 million. The global leader in finding things along with Life360's market, will boost membership numbers for digitally native customers.
About the Life360 share price
It's been an outstanding 12 months for the Life360 share price, accelerating by more than 200% for the period. When looking at year-to-date, its shares are up close to 220%.
Life360 presides a market capitalisation of about $1.88 billion, with approximately 156.03 million shares on its books.
