PainChek Limited (ASX:PCK) Completes AUD $5.1 Million Entitlement Offer
Entitlement Offer Success
PainChek Limited (ASX: PCK) announced the successful completion of its fully underwritten Entitlement Offer, raising approximately AUD $5.1 million. The offer allowed eligible shareholders to subscribe for one new fully paid ordinary share for every eight shares held at an issue price of $0.025 per share, along with one free attaching option for every new share issued.
Shareholder Participation and Allocation
Existing shareholders took up a total of 83,786,106 new shares and options. All new shares will rank equally with existing shares. Furthermore, a shortfall of 120,872,650 new shares has also been allocated, with settlement occurring in two tranches. The first tranche comprises 89,897,407 new shares set to be allotted on 19 December 2024, while the second tranche will be completed by 20 February 2025.
Use of Proceeds
The funds generated from this offering will support PainChek’s expansion into the Australian and UK markets and facilitate entry into the North American market following FDA clearance of the Adult App. Additionally, the funds will aid the commercial launch of the new Infant App, ongoing platform development, and strategic financing preparations.
CEO’s Comments
PainChek CEO and Managing Director Philip Daffas expressed gratitude towards shareholders, stating, “The funds received will enable us to commence USA market entry, commercialization of Infant App and expansion in existing markets and planned international growth.”
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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