Smarter Web Seeks £15-25 Million Through Proposed Preferred Share Offering

Smarter Web, a company that has been making waves in the crypto space, is looking to raise funds through a proposed preferred-share offering. According to TD Cowen, this move could provide another source of long-term capital for the company.

The proposed perpetual preferred shares, which will trade under the ticker MORE, are expected to raise between £15 million and £25 million in gross proceeds, with a minimum fundraising requirement of £10 million. Holders of these shares will receive cumulative variable-rate dividends weekly and have a liquidation preference, but they will not have general-meeting voting rights.

TD Cowen views this as another financing option for Smarter Web, alongside secured borrowing and convertible instruments. The bank's analysts, led by Lance Vitanza, believe that the proposed share class will create claims ranking above ordinary shareholders, which could provide a new source of funding for the company.