So glad I got out of this when I did! I still no end to cash burn in sight at this stage.
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Vocus founder backs BuildingIQ recapitalisation issue
Canaccord Genuity has kicked off a recapitalisation of energy management software company BuildingIQ.
The $6.5 million deal comprises a rights issue and placement and has been priced at 4.5¢ a share, a 36 per cent discount to the last close, according to terms sent to fund managers on Thursday.
Vocus founder James Spenceley and Financial Review Rich-lister Tony Wales have underwritten the raising, which is expected to see BuildingIQ relist on the ASX boards with a market capitalisation of $10 million.
Canaccord is calling for bids by 2pm today.
Buiding IQ made its sharemarket debut two years ago, raising $20 million at $1 a share for a market capitalisation of $85 million. The stock most recently traded at 7¢ and was placed in a trading halt on December 11.
BuildingIQ produces cloud-based software that forecasts and manages energy demand in commercial buildings. Its technology is used in the Rockefeller Centre in New York and St Vincent's hospital in Australia.
BIQ Price at posting:
7.0¢ Sentiment: Sell Disclosure: Not Held
