Investment firm Gunsynd plc (LON: GUN) announced that it has invested £50,000 in Media Tech SPAC PLC (MTS), a public unlisted special purpose acquisition company.
Gunsynd said they have subscribed for 1.25 million shares at 4p per share, with the investment part of a £1.64 million capital raising “supported by institutional and high net worth UK investors”.
Following the capital raise, MTS will have 82.5 million ordinary shares in issue with an equity valuation of approximately £3.3 million.
Gunsynd said the funds raised by MTS will be used for ongoing due diligence expenses associated with its ambition to acquire a company within the e-commerce, new media or immersive experiences sector.
MTS is planning to carry out an IPO on London Stock Exchange during the second half of 2021.
Peter Ruse, a director of Gunsynd, commented: “MTS is a special purpose acquisition company that has been established to acquire companies within the technology and media sectors.
“I have been particularly impressed with the high-profile board of directors that has been assembled at MTS, which aims to deliver an exciting acquisition for shareholders.
“With the depth of experience on offer, I feel confident on the MTS team's ability to execute and generate tangible value via a future acquisition(s).”
Gunsynd’s shares are down 2.53% so far on Wednesday at 1.925p.
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