Light Science Technologies Holdings plc, the controlled environment agriculture (CEA) technology and contract electronics manufacturing (CEM) group, has floated on AIM.
In a successful placing the Derbyshire-headquartered company has raised gross proceeds of £5.2. million and joins with a market capitalisation of approximately £17.4 million.
Simon Deacon, CEO of Light Science Technologies Holdings plc, said: “We are delighted to be joining AIM, and welcome the support shown by our investors in this tremendous milestone for the company.
“We look forward to delivering shareholder value as we take advantage of the substantial CEA pipeline and bolster the capacity of our CEM division.”
The net proceeds of the placing are intended to be used to accelerate the group’s growth, primarily through its CEA operations, by expanding its UK scientific laboratory grow room, enhancing marketing campaigns, product design, tooling and development, geographic expansion into the Netherlands and for ongoing working capital purposes.
An amount of the net placing proceeds will also be invested into the group’s CEM operations to increase manufacturing capacity.
