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Osirium Technologies PLC on Tuesday said that it raised £1.5 million in the placing and subscription of shares, while it appointed a new chief executive officer, as the current CEO will become executive chair.
Shares in Osirium Technologies were down 36% to 2.58 pence in London on Tuesday midday.
The Cardiff-based cybersecurity software firm said it placed around 63.8 million shares at 2 pence to raise £1.3 million and issued a subscription of 12.8 million shares at 1 pence to specific company directors to raise £255,000.
It also announced a raft of board changes effective from January 1, 2023, including current sales director Stuart McGregor being appointed CEO.
Current CEO David Guyatt will become executive chair in a part-time capacity, while the current chair Simon Lee has stepped down to become senior independent non-executive director.
‘Through the proposed fundraise and the intended further rationalisation of our cost base, we expect to accelerate the time to cash flow break-even and fuel our long-term growth ambitions,’ said Guyatt.
On September 22, Osirium Technologies reported a half year pretax loss of £1.7 million, widening from £1.6 million a year prior.
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