- Audioboom said it would launch equity fundraise of up to £5m to support revenue growth, confirming recent media reports.

The company confirmed that it 'is currently working on completing a placing and subscription of new ordinary shares in the company at a price of 2.5 pence per ordinary share to raise up to approximately £5 million of new capital.'

The proceeds of the proposed fundraising would be used predominantly to sign new third-party podcast talent. The company would offer financial incentives for 'leading' podcast talent to join the Audioboom platform.

But the company said it was also exploring potential non-equity means to support the acquisition of new podcast talent, involving a third party guarantee facility.

At 8:44am: [LON:BOOM] Audioboom Group share price was -0.21p at 2.3p

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