Fladgate is pleased to have advised Dev Clever Holdings plc (Dev Clever), a leading developer of online and immersive career guidance and development platforms and consumer engagement experiences, listed on the LSE’s Main Market (standard segment), on its subscription agreement with One Nine Two Pte Limited, whereby One Nine Two has agreed to subscribe for up to 40 million new ordinary shares, raising up to £10million in aggregate.
The subscription is in two tranches. The first tranche of £4million was completed today, following receipt of shareholders’ approval. The second tranche is conditional, among other things, on Dev Clever’s share price increasing to a certain level and the publication of a prospectus.
The transaction is significant for Dev Clever in that, once completed, this funding will allow it to accelerate its growth plans in the EdTech sector, a sector which has seen exponential growth in the past few years.
Lead partner, David Robinson comments: “We are delighted to have advised Dev Clever on another strategic milestone in an exciting and fast-growth sector. All those involved in education are facing a profound set of changes in the way they deliver and consume educational resources. Today’s enhanced focus on career development, in particular, creates an increased demand for EdTech solutions, such as the Company’s Educate products.”
The Fladgate team comprised partner David Robinson, senior associate Orit Rioumine Gold and associate Laura Priestley.