TV technology provider Mirada has proposed to place a £3.5 million (€4.4 million) share offering to help it develop its position in the OTT market.
Mirada is placing 28 million shares priced at £0.125 a share, a 2% discount on its closing price on Friday, with institutional and other investors, subject to shareholder approval.
Mirada said the placing would enable it to service recently awarded contracts and strengthen its position in the OTT and Latin American markets as well as to further develop its product base and strengthen its balance sheet.
“Having secured our largest contract to date, we see strong potential to build on a growing pipeline of work within the OTT market, which continues to grow rapidly,” said CEO José Luis Vazquez.
“The contract provides a significant reference point for us and there is huge scope for Mirada to build on the recent momentum. The new monies will help us to further strengthen our position within the market place and focus on product development and marketing initiatives as we look to service an increasing amount of larger contracts.”