Harris Technology Group (ASX:HT8) soared to a 52-week high on Monday after it disclosed a capital raise of nearly AU$1.5 million via a private placement of ordinary and preference shares to Taiwanese firm FSP Technology, according to a Monday filing with the Australian bourse.
Harris Technology will issue 29.8 million ordinary shares and 44.9 million preference shares priced at AU$0.02 apiece. This represents a "significant premium" to the last closing price on March 3 and the most recent 15-trading day volume-weighted average price of AU$0.01028, per the filing.
FSP Technology will own 19.9% of the Australian company's ordinary shares on issue if all of the preference shares are converted to ordinary shares.
Harris Technology plans to use the funds for its expansion into high-growth product segments, including the refurbishment of pre-owned electronics, the filing stated.
The pure-play online retailer's shares surged 40% past noon after hitting a 52-week high earlier in the day.
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