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t42 IoT Tracking Solutions PLC ( (GB:TRAC) ) has issued an update.
T42 IoT Tracking Solutions PLC has announced a placing to raise £262,500 through the issuance of 10,500,000 new ordinary shares at 2.5 pence each. This capital raise aims to bolster the company’s working capital, support manufacturing processes, and expand marketing efforts, particularly in the US and European markets. The placing, representing 16% of the company’s enlarged share capital, includes the issuance of warrants and is set for admission on AIM on 12 February 2025.
More about t42 IoT Tracking Solutions PLC
T42 IoT Tracking Solutions PLC, formerly known as Starcom Systems PLC, operates in the IoT industry providing real-time tracking, analysis, monitoring, and security solutions for the global container and freight market. The company serves a wide range of clients, including ports, cargo owners, shipping companies, and customs authorities, leveraging multi-sensor IoT tracking devices for enhanced logistics and security.
YTD Price Performance: -7.69%
Average Trading Volume: 202,386
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £1.65M
For an in-depth examination of TRAC stock, go to TipRanks’ Stock Analysis page.