Appen Ltd. Bolsters AI Pursuits with Equity Raise

Appen Ltd. (AU:APX) has released an update.

Appen Ltd. has announced a successful equity raising of A$50 million through an institutional placement aimed at funding generative AI initiatives, signaling a return to profitability in Q3 FY24. With a pro-forma cash balance of US$62.4 million post-fundraising, the company is set to capitalize on the improving customer environment for generative AI projects. Additionally, Appen offers its current shareholders the opportunity to further invest through a Share Purchase Plan, aiming to raise an additional A$5 million.

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