Imaging software developer Median Technologies has obtained commitments from 13 institutional investors to purchase 20 million euros of its common stock.
The capital increase is led by New Enterprise Associates. Median has entered into a subscription agreement with each of the investors and will sell an aggregate of 2.2 million units at a price of 9 euros, each unit composing one share of common stock and one warrant.
The new shares will be fungible with Median's outstanding shares and, upon closing, will represent 37% of the firm's share capital, the firm said. The financing will aid Median's international expansion, particularly in the North American and Asian markets, Median said.
The financing is subject to shareholders' approval during a shareholders' meeting on 29 September. Already, more than two-thirds of the current shareholders have agreed to vote in favor of the resolutions related to the financing, Median said.