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Vmoto begins trading on AIM
Vmoto begins trading on AIM

UPDATE 1.20pm: Vmoto says its shares will begin trading on London's Alternative Investment Market (AIM) following completion of a £1.6 million ($2.4 million) raising.

The company issued more than 121 million new shares at 1.3 pence (1.9 cents) each through finnCap, giving the company a market capitalisation of about £11.6 million ($17.7 million).

Vmoto managing director Charles Chen said funds raised would enable the company to deliver on existing opportunities in an expedient way, including ramping up PowerEagle production lines.

"We intend to make the most of the support shown by the London investment community to expand our marketing and sales operations in Europe to exploit the growing demand for electric scooters," he said.

Vmoto specialises in manufacturing electric-powered scooters from its production facility in Nanjing, China.

Vmoto shares closed off 0.3 cents, or 10 per cent, at 2.7 cents.