Audioboom responds to online speculation

AIM-listed podcasting platform Audioboom (LON:BOOM) has seen its share price drop by 5.80% to 2.36p (as of 10:45 BST) after it confirmed recent online commentary that it would be looking to raise additional funding. Management said that the business would be working to raise around £5 million through the issue of new shares in order to capitalise on emerging opportunities and continue the revenue growth seen in recent periods.

The business is also looking at non-equity based methods of raising capital, including a third party guarantee facility, but management reiterated that at the current moment in time there were no guarantees that any of these measures would be implemented or their timing.