CT Automotive Group plc, a UK automotive interior finishes maker, intends to raise circa 7.6 million pounds ($9.5 million) through a proposed placement offering.
Under the deal, the company will issue placing shares, subscription shares, and director subscription shares, at a price of $0.42 each.
CT Automotive will use the funds to bolster its balance sheet, offer flexibility for growth opportunities, and realize further efficiency savings via investments in injection molding production processes and robotics.
Additionally, the financing is conditional upon the passing of the required resolutions by shareholders at the general meeting to be held on May 15, 2023, and will not be underwritten.