Sprintex Limited (ASX:SIX) Secures Underwriting Agreement
Funding Injection
Sprintex Limited (ASX: SIX) has entered a binding underwriting agreement with China Automotive Holdings Limited (CAHL). This agreement enables Sprintex to secure funding from the exercise of options priced at 7.5 cents, set to expire on 31 December 2024.
CAHL will underwrite any shortfall from a total of 12,871,111 options, potentially raising up to A$965,333. An underwriting fee of approximately A$48,266.65 will be paid to CAHL based on the underwritten amount.
Executive Insights
Rick Siemens, Chairman of CAHL and Sprintex’s largest shareholder, expressed strong support for the management team. “I am very supportive of management and look forward to reaping the rewards with all the hard work put in to date. At 7.5 cents with a market cap of approx. $41m, makes Sprintex very cheap with all the recent news and the potential of what is to come. I am looking forward to the Chairman achieving his performance milestones of $100m market cap by June
2025”.
This announcement has been authorised for release by the Board of Sprintex Limited.
Motley Fool contributor Kiarra Jackson 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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