MapsPeople: Expects to raise DKK 7-9m in a private placement
By Kasper Lihn
Today, MapsPeople announces an issuance of new shares in a private placement, which is expected to result in gross proceeds of DKK 7-9m. This is a part of MapsPeople’s total capital requirement of DKK 15-20m to achieve a point of cash flow breakeven in 2024. The update on the capital requirement was announced in connection with the Q3 2023 report earlier this month, which you can read more about here: https://www.inderes.dk/analyst-comments/mapspeople-announces-q3-2023-report-and-updates-the-market-on-capital-requirement
The private placement of new shares is directed to a number of existing shareholders in MapsPeople and is expected to be subscribed for in the period from 23 November 2023 to 28 November 2023. The subscription price is DKK 1.19 per share, corresponding to the average closing price of the share between 16 November 2023 to 22 November 2023.
The expected timetable is that the company commences the private placement today, 23 November 2023, and the subscription period ends on 28 November 2023. Settlement and payment against delivery of the new shares and registration of the new shares with the Danish Business Authority is expected to take place on 1 December 2023. Admittance to trading of the new shares is expected to be on 5 December 2023, and the merger of the temporary ISIN code with MapsPeople’s existing ISIN code is expected to be on 6 December 2023.
Read more here: https://view.news.eu.nasdaq.com/view?id=b49987735bca8b96f0c8d3df2c70dc065&lang=en&src=listed
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 13:15, 23 November 2023.
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MapsPeople is a Software-as-a-Service (SaaS) company focusing on digital mapping for indoor navigation. The two primary revenue streams are 1) MapsIndoors which is MapsPeople’s own developed mapping solution for indoor navigation 2) Google Maps partnership with Google. MapsIndoors is the key segment with high double-digit growth rates, and the Google Maps segment is expected to be a more steady business going forward. MapsPeople has a global presence with offices in Denmark, Germany, Singapore and United States, and customers include some of the largest brands in the world. The company has been listed at Nasdaq First North Premier in Denmark since June 2021.
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