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£1M Equity Raise Removes Near-term Funding Risk For Ondo

#Ondo raised £1M net of expenses via its broker Dowgate to help fund its existing customer rollouts. Link to our key takeaways here


1) Removes near-term financing overhang. Gives the market clarity that #Ondo's existing customer rollouts should be adequately funded. Modest amount raised helps minimize dilution (~6.5% dilution to existing share capital), with minor ~2% discount to Nov 30th closing price.


2) Use of Proceeds - Nationwide Rollout and more. #Ondo pursuing ISO27001 certification in America for Nationwide rollout. As previously highlighted this one new US customer could drive up to $21Mpa revenue longer-term. Also funding customer rollouts in Sweden/Denmark and UK.


3) Valuation Metrics. #Ondo now trading about £23M EV, with addressable market of up to 5M households from existing customers. At 10% market share, this suggests ~$30Mpa revenue LT, excluding any new customer registered. De-risking execution is major focus now for '24E.

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