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X2M Connect Limited ( (AU:X2M) ) has shared an announcement.
X2M Connect Limited has completed a non-renounceable Entitlement Offer, raising $308,900.82 through the issuance of 23,761,594 new shares and options. The offer saw strong participation from shareholders, although a significant shortfall of 126,954,945 shares remains, which Cygnet Capital has the right to acquire within three months. This capital raise supports X2M’s ongoing operations and strategic focus on expanding its IoT solutions in the utilities sector, potentially enhancing its market position and stakeholder value.
More about X2M Connect Limited
X2M Connect Limited is an Australian technology company specializing in Internet of Things (IoT) solutions for the utilities sector. Their proprietary technology enhances productivity, reduces costs, and improves public safety by connecting utility devices like water, gas, and electricity meters to the internet for data exchange and remote control. X2M focuses on the Asia-Pacific region and is expanding globally, with operations in Japan, South Korea, Taiwan, China, and the Middle East.
Average Trading Volume: 1,052,581
Technical Sentiment Signal: Sell
Current Market Cap: A$11.57M
See more data about X2M stock on TipRanks’ Stock Analysis page.