Ottawa’s Martello raises $4.6M to fund acquisitions
Ottawa-based Martello Technologies (TSX-V:MTLO) dipped into the well of public market funding this past week, looking to raise more money to finance its M&A strategy.
The firm, which helps companies manage and troubleshoot communication services amid increasing bandwidth demands, raised $4.6 million last week in an overnight marketed public offering – a financing strategy that reduces attempts by investors to short a company’s stock by conducting the raise after markets close for the day.
Martello said it was raising the extra cash to fund its mergers and acquisitions, boost research and development and sales activities and for general corporate purposes.
Martello’s share price was largely steady this past week on the TSX Venture exchange. The firm’s stock saw a sizeable boost this past summer when co-chairman Bruce LInton spotlighted the Kanata company on his way out of pot giant Canopy Growth, but Martello’s share price has since regressed back to levels seen earlier this year and closed Friday at 32 cents.