Nuheara Raise $5M After UK Health Contract
ASX-listed smart earbuds manufacturer, Nuheara, has completed an oversubscribed $5 million equity raise, driven by existing and new institutional investors – sending shares up 11.54% before midday.
The raising seeks to boost earbud inventories, after winning a hearing aid supply contract from the UK’s National Health Service (NHS).
Announced to the market late November, the UK NHS hearing aid contract will commence April 2019.
Proceeds of the placement will lift inventory of its IQbuds BOOST, whilst fuelling sales and marketing, plus aiding the development of new products (e.g. IQstream TV and IQbuds MAX).
The company has made a placement of ~66.6 million shares, at an issue price of 7.5 cents – a 4% discount on its most recent closing price.
As previously reported, former Samsung VP and CMO, Phil Newton, joined Nuheara as Global Sales and Marketing Manager.
Harnessing proprietary hearing technology, the smart earbuds claim to augment an individual’s hearing, whilst facilitating cable free connection to smart devices.
With offices in New York and San Francisco, Perth-based Nuheara is said to be the first consumer wearables company to list on the ASX.
It comes after Nuheara launched its IQBuds in 2016, enabling consumers to augment hearing according to personal preference, and connect to voice-enabled smart devices.
The company’s IQbuds are now sold in several consumer electronics retailers globally, plus professional hearing clinics.
Shares in Nuheara are trading 11.54% higher by 11:46am.
Further information is available on Nuheara’s website here.