Dubber Corporation Raises $24 Million to Fill Missing Funds

Dubber Corporation pulled the trigger on a $24 million cash call on Tuesday morning as it scrambles to plug the hole left by funds that went missing.The raise includes a $3.1 million placement and a $20.9 million accelerated non-renounceable rights issue on a one-for-one basis.

The offer is priced at 5¢, an eye-watering 77.3 per cent discount to Dubber’s 22¢ last traded price. Stockbroker Morgans has underwritten the deal, while Unified Capital Partners is also involved. Dubber shares haven’t traded for more than a month, and Street Talk first flagged the impending raise on March 5. However, fund managers have been waiting for Dubber’s auditors to sign off on half-year accounts before entertaining any raising talks.

The company’s chief executive Steve McGovern and Melbourne lawyer Mark Madafferi have been banned from leaving Australia as ASIC investigates how $30 million went missing from a term deposit account, held on behalf of the company by a third-party trustee. About $3.4 million has since been recovered, but investors are yet to learn the fate of the rest.On March 15, Alex Waislitz’s Thorney Technologies, which now owns 19.

Dubber is capitalised at $92 million on the ASX. In its quarterly report to December end, it guided to $45 million revenue and $65 million costs for the 2024 financial year.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column.

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