Successful fundraising boosts financial position

Structural Monitoring Systems Plc (ASX: SMN) has completed a Security Purchase Plan (SPP), raising AUD 2.2 million, surpassing its initial target. This comes on top of a recent AUD 5 million placement. The combined total of approximately AUD 7.2 million will strengthen SMS's financial position to support product development and business expansion.

Comprehensive overview and future outlook

Structural Monitoring Systems Plc (ASX: SMN) has successfully raised approximately AUD 7.2 million through a Security Purchase Plan and a placement, exceeding their initial fundraising targets. The funds will be utilized to expand avionics product lines, develop CVM™ technology, and cover operational costs. A recent internal restructuring at their subsidiary, AEM, is expected to deliver significant cost savings, enhancing the company's financial strength. SMS aims to capitalize on the potential certification of the Aft Pressure Bulkhead CVM™ application and anticipates profitable growth. Further updates will be shared at their upcoming AGM and throughout the next year.

Insights from the executive team

We are grateful for the support from our shareholders. The funds raised will allow us to focus on high-return products and markets. The internal restructuring of AEM will significantly reduce our operating costs. 80% of the new funding will be dedicated to new product development.