Aug. 11, 2020 — High-performance computing expert DUG Technology will make its ASX, a financial market exchange, debut tomorrow (Wednesday, August 12), two weeks earlier than planned after an overwhelming response to its share offer. ASX operates within the worldwide Australian financial markets.
The offer opened on July 20 and was due to close on August 10 but was strongly supported and closed on July 24 oversubscribed. DUG was originally due to start trading on August 25.
Shares have been issued at $1.35, with 99,473,544 shares on completion for an initial market capitalization of $A134 million, to raise $A26 million.
DUG operates networked supercomputers in Perth, Kuala Lumpur, London, and Houston and has traditionally serviced the oil and gas sector.
It is broadening its client base into other sectors including astrophysics, research, bioinformatics, and meteorology using its innovative DUG McCloud platform.
The company, led by founder and Managing Director Matt Lamont, strengthened its board ahead of the listing, appointing former WA Chief Justice Wayne Martin as chairman, and internet entrepreneur Michael Malone and former KPMG partner Mark Puzey as independent non-executive directors.
Dr Lamont said the ASX listing was critical for the next growth phase of the company. “The DUG team is ready to grasp the opportunities this ASX listing will present,” Dr. Lamont said. “The opportunities that have presented themselves as part of our DUG McCloud initiative are too large for our historical revenue-funded growth approach and too exciting to be ignored. Once prospective clients have the opportunity to use our software on the McCloud platform, they quickly see the clear benefits.”
DUG is a technology company at the forefront of high-performance computing with a strong foundation in applied physics. DUG’s innovative hardware and software solutions for the global technology and resource sectors enable clients to leverage large and complex datasets. The company provides cloud-based software and hardware solutions, multi-tiered support for technology onboarding and code optimization, and integrated geoscience services. DUG has offices in Perth, London, Houston, and Kuala Lumpur. The company designs, owns, and operates some of the largest and greenest supercomputers on Earth. Connect with DUG on Twitter @Team_DUG or visit www.dug.com
About DUG McCloud
DUG McCloud is an innovative platform that allows clients to mix and match DUG’s highperformance computing as a service (HPCaaS), seismic processing and imaging (P&I) services, and the DUG Insight geoscience software, to suit their needs. This includes disk storage and a unique, cost-effective online archive facility that allows web-based data visualization. An application programming interface (API) is available for clients to incorporate their software into the P&I system. The HPC is provided by some of the largest and greenest supercomputers in the world with major centres in Houston, Perth, and Kuala Lumpur. The DUG Technology share offer The offer of shares in DUG Technology Ltd will be made in or accompanied by a prospectus dated 10 July 2020 which should be considered in deciding whether to acquire those shares. During the Exposure Period, an electronic version of this Prospectus without an Application Form will be available at http://dug.com for Australian investors only. Application Forms will not be made available until after the Exposure Period has expired. Anyone who wants to acquire shares in DUG Technology Ltd will need to complete the Application Form that will be in or accompany the Prospectus.