Ackroo Inc. - CEO, Steve Levely
CEO, Steve Levely
Source: Medium
  • Ackroo (AKR) has raised C$3 million in a private placement to pursue future acquisitions and organic growth opportunities
  • The company issued 25 million units at a price of $0.12 each, comprised of one common share and one share purchase warrant
  • Shen Capital Partners acquired roughly two-thirds of the offering, while DKAM Capital Ideas Fund, Rivemont MicroCap Fund and a long-term shareholder purchased the rest
  • In connection with the subscription, Shen Capital was granted the right to nominate one member to Ackroo’s Board of Directors and one board observer
  • Shares in Ackroo remained steady at the close of trading yesterday at $0.14 each

Ackroo (AKR) has raised C$3 million in a private placement to pursue future acquisitions and organic growth opportunities.

Under the terms of the offering, which was announced on October 20, 2020, the marketing, payments and point-of-sale technology provider issued 25 million units at a price of $0.12 each.

These units are comprised of one common share in Ackroo and one common share purchase warrant, exercisable at a price of $0.18 per share until November 12, 2023.

Toronto-based Shen Capital Partners purchased roughly two-thirds of the units on offer, while DKAM Capital Ideas Fund, Rivemont MicroCap Fund and a long-term shareholder acquired the rest.

In connection with its subscription, Shen Capital has been granted the right to nominate one member to Ackroo’s Board of Directors, which will initially be Francis Shen, and one board observer, Andrew Shen.

No finder’s fees were paid, and all of the securities issued will be subject to a mandatory holding period of four months and one day.

“As we continue to execute on our vision to consolidate, simplify and improve the merchant marketing, payments and point-of-sale ecosystem, having both a financial sponsor and business advisors to assist us is critical,” said Steve Levely, CEO of Ackroo.

“Francis and Shen Capital will help play a key role in guiding our success,” he added.

The financing follows Ackroo’s recent acquisition of privately-owned golf management software company GGGolf for a total of $1.8 million.

The purchase represents the company’s tenth acquisition to date, strengthening its position as both a vendor and industry consolidator in the growing merchant marketing, payments and point-of sale ecosystem.

Shares in Ackroo remained steady at the close of trading yesterday at $0.14 each.

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