Global law firm K&L Gates has advised Elsight, the carrier-agnostic, connectivity solutions company, on its AU$60 million capital raise, which was well-supported by existing and new shareholders, including several new Australian and global institutional investors.
The capital raise comprises firm commitments for a single-tranche placement of new fully paid ordinary shares at AU$1.70 per share. Under the placement, approximately 35.3 million new shares are to be issued, representing nearly 19.4% of Elsight's current shares on issue.
Following completion of the placement, Elsight will be well-funded to invest in dedicated sales and marketing teams, pursue organic and inorganic growth opportunities, and invest in new product development initiatives.
The Corporate deal team was led by Melbourne partner Harry Kingsley, with support from special counsel Kaveh Zegrati and senior associate Mathika Perera.
Kingsley commented: "We congratulate Elsight on the new support they've received and wish them success in deploying the fresh capital to accelerate their growth and capitalize on near-term opportunities, including product innovation and strategic acquisitions."
K&L Gates' Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices on five continents, providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.