Innovyz Alumni company K-TIG gears up for ASX debut
"Keyhole TIG Welding (K-TIG) raised $7 million through the issue of up to 35 million shares at 20c each for a reverse takeover or ‘backdoor listing’ deal with listed ‘shell’ entity Serpentine Technologies. K-TIG was due to start trading on Monday, but that has been pushed out to later this week, pending finalisation."
"K-TIG’s patented technology uses a robotic arm to weld, reducing the amount of time taken to finish the job. A welding process that traditionally takes more than six hours can be completed in three minutes using K-TIG."
K-TIG CEO David Williams with the welding system at Mile End. Picture: AAP Image/Morgan Sette.
"In April this year, online design education company Serpentine agreed to the deal. The name of the listed entity will be changed to K-TIG, and trade under a new code, KTG."
"The money raised will be used to develop K-TIG’s new Welding-as-a-Service business model and invest in sales, marketing and infrastructure, especially in the vessel and piping industries."