Surface Transforms fundraise oversubscribed

AIM listed Surface Transforms has raised over £9.5m in an open offer for its shares.

The Liverpool-based manufacturer of carbon fibre reinforced ceramic automotive brake discs has also received a £13.2m local authority loan (ringfenced for capital expenditure), which was announced on 11 December 2023.

David Bundred, Non-Executive Chairman, commented: “Against the background of the recent difficult Company trading background, we are particularly appreciative, if not humbled, by this shareholders’ support. With the combined £22.7m gross proceeds from the £9.5m Placing, Subscription, and Open Offer together with the £13.2m Loan the Board is now confident that we have sufficient funding for our working capital and capital expenditure needs, thereby enabling us to seize the commercial opportunity available of a £390m order book and £400m confirmed contract prospective pipeline.”