CyanConnode Holdings plc, a world leader in narrowband radio frequency (RF) smart mesh networks, has announced a proposed placing and subscription to raise approximately £2.5 million. The fundraising will be conducted through a placing of new ordinary shares and a subscription by certain directors and other investors. Each subscriber will also receive one warrant for each new ordinary share subscribed, giving them the right to subscribe for one new ordinary share at an exercise price of 15 pence. The placing will be conducted through an accelerated bookbuild at an issue price of 10 pence per placing share. The net proceeds of the fundraising will be used to strengthen the company's balance sheet, fund long lead time critical components, and fund resourcing required for the company's scale-up.
CyanConnode's RF smart mesh networks are self-forming and self-healing, designed for rapid deployment, and offer exceptional performance and competitive total cost of ownership. The company's Omnimesh Advanced Metering Infrastructure platform has gained commercial traction, particularly in India. The company currently has a 25% market share of installed smart meters in India and has a win rate of approximately 40% of contracts tendered. The fundraising comes after the company reported revenue of £5.8 million for the six months to September 2023, a 4.3 times increase compared to the same period in the previous year.