Pinewood Technologies, the London-listed automotive software company formerly known as Pendragon, has raised £35.7 million through a heavily oversubscribed equity offering. The company said the funds will be used to acquire Seez, an AI and machine learning-powered automotive software-as-a-service (SaaS) platform, and to invest further in its development pipeline.
The offering, which the company described as having “secured strong backing from both new investors and existing shareholders,” comprised a cash placing to institutional investors, a retail offer to existing shareholders, and direct subscriptions.
A total of 11,325,031 new shares were issued at 315p each, a 6.3% discount to Pinewood’s closing price on 20 February. These new shares represent 13% of the company’s pre-issue share capital.
Among the investors was Impel AI, a provider of generative AI solutions for automotive retailing and a long-term partner of Seez, which made a strategic investment through the direct subscription, acquiring 378,152 shares. Seez co-founder and chief product officer Andrew Kabrit subscribed for 151,292 shares, while Pinewood non-executive director Brian Small acquired 6,349 shares. Retail investors also took up 80,872 shares.
Image source: Pixabay
