Marketing software specialist, Pelatro, has successfully raised £1.1 million ($1.4 million) through a share subscription. The funds were secured from a group of new investors based in the Middle East. This capital injection will not only support the company’s working capital but also aid in collecting delayed payments from certain customers and acquiring new clientele.
New Investors Show Confidence in Pelatro
Pelatro is pleased to announce the support received from new investors who recognize the company’s long-term potential. Chief Executive, Subash Menon, expressed his delight at securing these funds, which will strengthen Pelatro’s growth trajectory and improve its overall working capital.
Share Issuance Details
A total of 44.7 million new ordinary shares are being issued at a price of 2.5 pence each. Notably, this price reflects a 23% discount from Pelatro’s closing price of 3.25 pence on Friday.
Overcoming Payment Delays
Earlier this year, Pelatro encountered delays in receiving payments amounting to approximately $1.1 million from several customers. The company has been actively engaging in constructive talks with these customers to resolve the issue promptly and expects a positive outcome.