Company plans to raise $12.6 million.
The New Zealand Merino Company listed on the USX stock exchange last month with the aim of raising cash to shore up its balance sheet in the wake of Covid-19.
The two-decade old wool marketer and seller decided it was time to branch out from its existing tightly held merino farmer-shareholder base in a bid to introduce new capital and thinking.
The company’s roots were put down in 1996, when a group of merino wool growers formed Merino New Zealand to push branding and marketing of the natural fibre, to try and create a higher margin market.