Forbidden Technologies, the maker of web-based video editing suites FORscene and Clesh, has floated a further six percent of itself on London’s AIM market, in a tactic to raise £1.6 million.
Forbidden says it’s taking the step to dilute board members’ share to below 75 percent, to fund repayment of loans, to give it a cash reserve and to enlist institutional support.
It’s issuing 4,847,000 new ordinary shares of 0.8 pence, taking its total issued share capital up to 86,169,500.
Popular web-based video editing packages include JayCut.
But, as a recent Gadget Show illustrated, it’s time-consuming to upload raw videos to a web server to edit them.