Nomad Compute (AQSE:NMD) has conditionally raised gross proceeds of £3.124m through a placing led by Fortified Securities, at a price of 0.125p per new share, to fund its move into modular, containerised edge AI compute for enterprise and sovereign markets.
The company said the net proceeds will be spent, in priority order, to hire a senior technical team, secure OEM hardware allocations and develop its first proof of concept deployment, and to provide additional working capital runway.
The Placing will issue 2.5bn new shares and the price represents a 58.3% discount to the 15 May closing mid-market price of 0.3p per Ordinary Share.
Barry Cushley has stepped down as chairman, Jonathan Bixby has been appointed executive chairman with immediate effect, Paul Kennedy has stepped down as CEO but will remain on the board as an independent non-executive director, and Alfred Henry Corporate Finance has been appointed Aquis corporate adviser.
The Placing is conditional on the passing of Resolutions at a General Meeting to be held at 10 a.m. on 5 June.
