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Sparc Technologies Ltd ( (AU:SPN) ) has provided an update.
Sparc Technologies Limited announced that its Share Purchase Plan (SPP) was significantly oversubscribed, receiving applications totaling A$1,026,214, surpassing the initial target of A$500,000. This strong shareholder support allows Sparc to enhance its financial platform to commercialize its graphene-based additives and advance its green hydrogen initiatives. The company exercised discretion to accept all valid applications, increasing the SPP size to accommodate the demand, and will issue new shares at A$0.15 each. This development follows a successful share placement that raised A$2.2 million, further solidifying Sparc’s financial position to pursue its key objectives.
More about Sparc Technologies Ltd
Sparc Technologies Limited is an Australian technology company focused on enhancing environmental and sustainability outcomes for global industries. The company operates in two key areas: green hydrogen production through a joint venture with Fortescue Limited and the University of Adelaide, and the development of graphene-enhanced materials. Sparc is pioneering next-generation green hydrogen production technology using photocatalytic water splitting, and is commercializing a graphene-based additive, ecosparc®, which improves the performance of protective coatings.
Average Trading Volume: 82,472
Technical Sentiment Signal: Sell
Current Market Cap: A$17.62M
For detailed information about SPN stock, go to TipRanks’ Stock Analysis page.