AI marketing expert Albert Technologies announces oversubscribed placing
Cantor Fitzgerald has successfully placed an aggregate of 36,756,757 Placing Shares on behalf of the company at a price of 37 pence per share, with new and existing institutional shareholders.
Further to the announcement published earlier today by Albert Technologies Ltd (LON:ALB) about its proposed conditional placing, the AI marketing expert has posted an update stating that Cantor Fitzgerald has successfully placed, conditional on shareholder approval, an aggregate of 36,756,757 Placing Shares on behalf of the company at a price of 37 pence per share, with new and existing institutional shareholders. The placing, which was oversubscribed, has gained strong support from both new and existing institutional shareholders.
Or Shani, founder and CEO of Albert Technologies, said:
“The new funds will allow the Company to build on the growing interest in the benefits of AI to digital advertising. Albert can provide the solution to both enterprises and media agencies seeking to use AI technology to execute their digital marketing campaigns. The market for AI technology is forecast to grow to US$40 billion in value by 2025 and we’re aiming for Albert to be an important beneficiary of this sizeable market opportunity in digital marketing.”
The company will today dispatch a notice to convene a meeting at the offices of Bryan Cave Leighton Paisner LLP, Adelaide House, London Bridge, London EC4R 9HA at 10.00 a.m. on June 22, 2018 for the purpose of considering and the passing of the resolutions to approve, inter alia, the authority to issue the placing shares.
Application for admission to trading on AIM for the placing shares will be made in due course and, in case the resolutions to issue these shares are passed at the General Meeting to be held on June 22, 2018, it is expected that admission will take place on or around June 25, 2018. The placing shares will rank pari passu with the existing ordinary shares. The total number of voting rights in the company is set to be 99,165,077 upon admission.
The Board plans to use the proceeds of the placing to expand Albert Technologies’s direct sales and marketing activities to support continued growth in its client numbers, as well as to increase the use of Albert, the AI marketing platform developed by the company, within the current customers’ digital advertising and media buying campaigns. The company also aims to continue to invest in the development and enhancement of Albert. Furthermore, the proceeds from the placing will be used to provide general working capital to the company.
