MapsPeople: Ready to invest in growth activities after fully subscribed rights issue

Today, MapsPeople announced a fully subscribed rights issue, implying that the company raises gross proceeds of DKK 36.025m. Pre-emptive rights and binding orders constituted 15.1% of the rights issue. The total subscribed amount of DKK 37.4m exceeded the total offering size, meaning that guarantee commitments from guarantors will be reduced equally. 

With the fully subscribed rights issue, MapsPeople intends to use the raised proceeds for AI map creation and updates (approx. 20%), sales and marketing acceleration (approx. 30%), and M&A growth (approx. 50%). As reported earlier, MapsPeople has already been presented with multiple smaller M&A opportunities that offer potential synergies. Looking into the rest of H2 2024 and 2025, it will be interesting to see whether and when MapsPeople will announce potential M&A deals. 

Registration of the new shares with the Danish Business Authority is expected to take place on 5 September 2024. The new shares are expected to be admitted to trading under MapsPeople’s current share on 9 September 2024, and the expected merger of the interim and existing ISIN codes for the new shares is expected to occur on 10 September 2024.

Read the full announcement here: https://www.inderes.dk/releases/mapspeople-as-mapspeople-announces-result-of-rights-issue-the-rights-issue-has-been-fully-subscribed

Disclaimer: HC Andersen Capital receives payment from MapsPeople for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 16:03, 3 September 2024.