PERTH, AUSTRALIA — Nuheara Limited (ASX: NUH) has announced that it has received binding commitments to raise $11.5 million before costs through an oversubscribed placement of 287.5 million new fully paid ordinary shares sat an issue price of $0.04 per share.
The company’s record sales and collections through the current financial year, supported by the company’s rapidly growing Direct to Consumer (DTC) business and expanding OEM partnerships, has now been further validated with Nuheara’s long term manufacture and supply agreement with USD$31 billion valued New York Stock Exchange Listed HP Inc., which was announced to the Australian Securities Exchange (ASX) earlier today¹.
Net proceeds from the placement will be principally used to fund the acceleration of direct to consumer (DTC) sales and activities, as well as supporting credit terms for Nuheara’s manufacturing and production costs associated with the HP Supply Agreement.
“With the strongest ever cash balance in the company’s history, a rapidly growing DTC global business and now an embedded strategic partner the size of HP, the company is well funded and positioned to accelerate its growth and income diversification strategies.”
1: ASX announcements: NUHEARA SIGNS 3 YEAR MANUFACTURE AND SUPPLY AGREEMENT WITH HP Inc.
Nuheara is a global leader in smart hearing technology which change people’s lives by enhancing the power to hear. Nuheara has developed proprietary, multi-functional, personalised intelligent hearing devices that augments a person’s hearing. Nuheara is headquartered in Perth, Australia and was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX). In 2016, the Company released its revolutionary wireless earbuds, IQbuds, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. In 2020 Nuheara released its third generation IQbuds² MAX. Nuheara products are now sold Direct To Consumer (DTC) and in major consumer electronics retailers, professional hearing clinics, pharmacies and optical chains around the world. The Company’s mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable.