September 21, 2017

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Nuheara raises funds for retail expansion

by Stuart Wilson, Monday 24 July 2017

IQbuds combines the features of a hearing device, a bluetooth earpiece and a noise cancelling headset
IQbuds combines the features of a hearing device, a bluetooth earpiece and a noise cancelling headset

Audio device brand Nuheara has successfully completed an institutional placement raising A$9m (US$7.15m) to fund the aggressive global retail expansion of its wearable audio device, IQbuds. ASX-quoted Nuheara’s IQbuds combines the features of a hearing device, a bluetooth earpiece and a noise cancelling headset. 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.

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.

Nuheara recently appointed Dixons Carphone as a retailer and Maxiim as a distributor in the UK for its wearable audio device, IQbuds.

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