M2’s investment of 1,666,667 shares at $1.20 per share represents a 12 per cent stake.
Inabox Group CEO and managing director, Damian Kay, said M2’s shareholding provided an opportunity to further strengthen its relationship. M2 has an existing supplier relationship with Inabox.
“This investment may also present new commercial opportunities for both companies,” Kay said.
Despite challenging stock market conditions, Inabox believes it has raised the necessary spread of shareholders and funds to aim for a listing on the ASX on July 12, using the ticker IAB.
It has extended its offer to close on July 4 to accommodate M2’s investment and attract additional investors.
Sydney Capital Partners are the Corporate Advisers to the IPO and Shaw Stockbroking is the sponsoring broker.