WANdisco applies to resume share trading following $30m equity fundraise

At the time, bosses at the group said they had found that “significant, sophisticated and potentially fraudulent irregularities with regard to received purchase orders and related revenue and bookings, as represented by one senior sales employee, have been discovered”.

“These irregularities give rise to a potential material mis-statement of the company’s financial position,” it said in March.

In a statement issued on Tuesday, the company said: “WANdisco is pleased to announce the successful completion of the $30m equity fundraise announced on July 3 2023.

The statement added: “The company consulted with and received strong support from many of its largest shareholders prior to the fundraise. The company has respected the principles of the soft pre-emption, so far as possible, through the allocation process.

"As previously announced, the company was unable to include a retail offer due to regulatory restrictions and limited time to complete the fundraise. The company's management team actively participated in the structuring and allocation of the fundraise.”

The statement added: “Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. It is expected that admission will be effective and settlement of the new ordinary shares will commence at 8.00 a.m. on July 7 2023.

"The company expects to publish its FY22 (full year 2022) annual report and accounts this week, following which the company and its nominated adviser will request that the suspension of the ordinary shares to trading on AIM be lifted at 7.30 a.m. on 7 July 2023.”

In a statement issued last month, Ken Lever, the interim non-executive chairman of WANdisco, said he was pleased with the progress the group continued to make across key parts of its turnaround plan.

He added: “Our ability to further control costs, cleanse our pipeline and restore the faith, trust and engagement of our customers and partners are significant achievements and should enhance shareholder confidence in the company's future. We have come a long way since the dark day of the 9 March and I want to thank every employee and stakeholder for the part they have played in delivering such concrete achievements.”