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Why the Whispir (ASX:WSP) share price is under pressure today



The Whispir Ltd (ASX: WSP) share price has returned from its trading halt and is tumbling lower on Tuesday morning.

At the time of writing, the communications workflow platform provider’s shares are down 4% to $3.72.

Why is the Whispir share price tumbling lower?

This morning Whispir announced the successful completion of an institutional placement.

According to the release, the company has raised a total of $45.3 million via a placement to new and existing institutional investors at an offer price of $3.75 per share. This represents a discount of just 3.6% to its last close price.

This placement leaves Whispir with a pro forma cash balance of $54 million.

Why is Whispir raising funds?

The release explains that the proceeds from…

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