Atomo Diagnostics Limited (ASX:AT1) Completes $3.1M Capital Raise and Board Restructure
Capital Raise
Atomo Diagnostics Limited (ASX:AT1) has successfully raised up to $3.1 million through a share placement and share purchase plan, supported by existing shareholders. Approximately 112 million new shares were issued at $0.0185 per share, with options attached subject to shareholder approval. The funds will address general working capital requirements.
Board Restructure
As part of the restructure, Mr Anthony May and Mr Patrick Cook have joined the Board as Non-Executive Directors, replacing Ms Deborah Neff, Dr Paul Kasian, and Mr John Keith, who have resigned. The new directors bring extensive experience in the medical device and biotechnology sectors to support Atomo’s strategic growth.
Operational Review
The company has undertaken an operational review, resulting in cost-saving initiatives projected to save over $500,000 annually in FY2026. These changes aim to streamline operations without affecting key revenue and growth drivers.
Executive Comments
Board Chairman John Keith stated, “Following feedback shared during the November AGM, and in consultation with significant shareholders, we believe that the actions we are taking result in a leaner, more agile company, one better fitting with the current business environment. The Company’s priority is to bring about growth and so accelerate generating positive operational cash flow. The Board recognises and thanks shareholders for their extended support and trust in the Company. On behalf of the Board and the Company, I recognise and warmly thank Deborah and Paul for their committed service and contribution to the Company. They have been tireless in such efforts and more recently integral to the changes that the Company is announcing today. As I join those directors announcing their retirement from the Board, I applaud the Company’s achievements and recognise the management’s commitment to the Company, thanking Shareholders for their support of the Company through these changes and welcoming this to continue for incoming and remaining directors.”
Managing Director John Kelly said “We are excited about our future. We have over the last 12 months with great rigor reviewed all projects and roles within the company and prioritised what will deliver the biggest impact for Atomo. I am confident we can deliver our most important strategic imperatives whilst running the leanest possible fit for future organisation”. Mr Kelly added “I would like to extend my sincere gratitude to Mr John Keith, our outgoing chairman, for his dedicated service and leadership during his tenure. He has been a champion for Atomo and has helped the company grow from a start up to a listed company now delivering improved diagnostics to vulnerable communities around the world. I would also like to thank Deborah Neff and Paul Kaisen for their extensive efforts on the board and leadership chairing key board committees at Atomo.”
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.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
