CurveBeam AI Successfully Completes Retail Entitlement Offer - 28 August 2024
CURVEBEAM AI LIMITED (CVB) Share Update August 2024 Tuesday 27th
CurveBeam AI Completes Retail Entitlement Offer Successfully
CurveBeam AI Limited (ASX: CVB) has successfully completed the retail component of its 1-for-6 pro-rata accelerated non-renounceable entitlement offer, raising a total of $11.54 million to date.
Instant Summary:
- Retail Entitlement Offer closed on 22 August 2024.
- Valid applications received for 9,126,773 New Shares.
- Shortfall of 11,221,191 New Shares to be offered to third parties.
- Total funds raised: $11.54 million (including $9.9 million from Institutional Entitlement Offer).
- New Shares to commence trading on 29 August 2024.
Completion of Retail Entitlement Offer
CurveBeam AI Limited (ASX: CVB) has announced the successful completion of the retail component of its 1-for-6 pro-rata accelerated non-renounceable entitlement offer (ANREO) of new fully paid ordinary shares at an issue price of $0.18 per New Share. The Retail Entitlement Offer closed at 5:00pm (AEST) on 22 August 2024.
The Company received valid applications for 9,126,773 New Shares, including under the top-up facility. Eligible retail shareholders who subscribed for additional New Shares under the top-up facility will receive the full allocation of additional New Shares, subject to compliance with applicable laws.
Shortfall Shares and Total Funds Raised
The entitlements of ineligible retail shareholders and entitlements not taken up by eligible retail shareholders represent 11,221,191 New Shares, which will be offered to third parties, including current shareholders or new investors, within three months after the Retail Closing Date.
The Retail Entitlement Offer raised approximately $1.64 million. Combined with the $9.9 million raised under the Institutional Entitlement Offer and Institutional Placement, the total proceeds of the capital raising amount to approximately $11.54 million to date. The second tranche of the Institutional Placement, expected to raise an additional $2 million, is subject to shareholder approval at a general meeting in late September or early October 2024.
CEO's Statement and Future Plans
CEO Greg Brown expressed satisfaction with the overall capital raise, stating, 'We are very pleased with the outcome from the overall raise at $11.54 million, providing funding for the launch of the enhanced HiRise. Following the targeted validation for robotic surgery systems in Q1, the Company will move into supporting our US distribution partner to address the key obstacles they have had in closing sales opportunities.'
The New Shares will be issued today and are expected to commence trading on the ASX tomorrow, 29 August 2024. The New Shares will rank equally with existing shares in all respects from their date of issue.
The successful completion of the Retail Entitlement Offer and the substantial funds raised are positive indicators for CurveBeam AI's financial health and future growth prospects. The raised capital will support the launch of the enhanced HiRise and other strategic initiatives, potentially boosting investor confidence and the company's stock price.
Investor Reaction:
Analysts are likely to react positively to the successful capital raise, viewing it as a strong move to bolster the company's financial position and support future growth. The planned launch of the enhanced HiRise and support for the US distribution partner are expected to be seen as strategic steps to drive sales and market expansion.
Conclusion:
Investors should keep an eye on CurveBeam AI's upcoming general meeting for shareholder approval of the second tranche of the Institutional Placement. The company's strategic initiatives and the successful capital raise position it well for future growth. Stay informed on CurveBeam AI's progress and market opportunities.