Nuheara bags A$9M for retail expansion of wearable audio device

Nuheara (ASX:NUH) has successfully completed an institutional placement raising A$9 million to fund the aggressive retail expansion of its wearable audio device, IQbuds.

Investors will be issued shares at A$0.092 per share, which represents a premium of 2.8% to Nuheara’s 30-day volume weighted average share price.

Nuheara’s IQbuds combines the features of a hearing device, a bluetooth earpiece and a noise cancelling headset.

The device allows consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart device.

Net proceeds from the placement will be used to fund the working capital necessary to continue to support the rapid retail uptake of IQbuds with Nuheara’s retail partners.

The company will also use the funds for evolutionary product developments of the current IQbuds platform, with new and enhanced hardware and software features.

Nuheara is broadening its product platform with new products to suit markets beyond consumer electronics, particularly as it relates to an individual’s hearing health.

Moreover, Nuheara is developing its intellectual property portfolio, with the ongoing submission of provisional patent applications related to the company’s next generation of products.

IQbuds are receiving great reviews in the market and are being stocked, distributed and sold by major consumer electronic organisations globally.

Story by ProactiveInvestors