Spacetalk (ASX:SPA) secured firm commitments from institutional and professional investors to raise approximately $6 million.
The capital injection is being facilitated through a strategic two-tranche placement of over 100 million new fully paid ordinary shares, priced at $0.06 per share.
The move signals investor confidence in the company's future trajectory and operational stability within the technology sector.
The first tranche involves the immediate issuance of 15,694,712 shares, totalling roughly $941,683.
The more substantial second tranche, comprising 84,535,288 shares valued at approximately $5.1 million, remains subject to shareholder approval.
The company has initiated the appointment of Andrew Grover as an independent non-executive director.
While the appointment is currently subject to the completion of standard onboarding processes, the addition of Grover is expected to bring valuable external perspective and governance expertise to the board during this period of growth.
At the time of reporting, Spacetalk's share price was $0.065.