Small cap movers: CyanConnode and Sareum shares rise after they tap the market
Companies tapping the market dont normally see their share prices rise but CyanConnode Holdings PLC (LON:CYAN) and Sareum Holdings PLC (LON:SAR) managed it this week. CyanConnode shot up 62% to 13.5p after it raised £3.15mln through the issue of shares at 9.5p. At the time the shares were issued, that was a 2.2% premium to the prevailing share price. The specialist in narrowband radio frequency smart mesh networks thats smart meters to you and me was a bit vague about what it intends to do with the money. The company said it will use the funds to increase working capital and allow the company to continue to take advantage of its significant growth opportunities and execute its growing order book and pipeline. As for Sareum, it raised a more modest £900,000 by issuing shares at 2.8p a pop. On Friday, the shares were trading at 3.375p, up 35% on the week. Sareum, a drug development company, was a bit more forthcoming about its plans for the money it raised. It said the money will be used to advance the company''s SDC-1801 TYK2|JAK1 inhibitor drug development programmes as well as for working capital purposes.
Small cap movers: CyanConnode and Sareum shares rise after they tap the market
Companies tapping the market dont normally see their share prices rise but CyanConnode Holdings PLC (LON:CYAN) and Sareum Holdings PLC (LON:SAR) managed it this week. CyanConnode shot up 62% to 13.5p after it raised £3.15mln through the issue of shares at 9.5p. At the time the shares were issued, that was a 2.2% premium to the prevailing share price. The specialist in narrowband radio frequency smart mesh networks thats smart meters to you and me was a bit vague about what it intends to do with the money. The company said it will use the funds to increase working capital and allow the company to continue to take advantage of its significant growth opportunities and execute its growing order book and pipeline. As for Sareum, it raised a more modest £900,000 by issuing shares at 2.8p a pop. On Friday, the shares were trading at 3.375p, up 35% on the week. Sareum, a drug development company, was a bit more forthcoming about its plans for the money it raised. It said the money will be used to advance the company''s SDC-1801 TYK2|JAK1 inhibitor drug development programmes as well as for working capital purposes.