AAC Clyde Space - Capital raise to support growth
AAC Clyde Space has announced a rights issue to raise SEK73.7m on a three-for-five basis at SEK0.60/share. The fully subscribed issue will raise c SEK60.6m net (after costs of SEK13.1m) for the company and is 65% covered by subscription commitments from several existing shareholders, potential investors and management. In combination with a secured SEK20m loan facility, the proceeds will be used to support working capital as AAC grows its space data as a service (SDaaS) business and funding for the acceleration of the xSPANCION satellite constellation project.AAC Clyde Space AB, formerly AAC Microtec AB, is a Sweden-based company, which is primarily involved in the aerospace industry. The Company operates as a provider of space solutions and systems for commercial, governmental and educational purposes on the global market through its partner network and offices in Sweden, the United States and the United Kingdom. The Company specializes in small, purpose-built satellites, as well as sub-systems and components. The Company's customers include the European Space Agency (ESA), National Aeronautics and Space Administration (NASA), Orbcomm, Kepler Communications, NSLComm, KP Labs and Orbital Micro Systems, among others.
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