Memphasys Limited Successfully Raises $1.857 Million Through SPP and Placement Offers
MEM (MEM) Share Update November 2024 Tuesday 5th
Memphasys Completes Successful Capital Raising Through SPP and Placement Offers
Memphasys Limited (ASX: MEM) has announced the successful completion of its Share Purchase Plan (SPP) and Placement Offers, raising a total of $1.857 million to support its innovative reproductive biotechnology initiatives.
Instant Summary:
- Raised $1.857 million through SPP and Placement Offers.
- Shares issued at $0.006, a 20% discount to 5-day VWAP.
- 309,499,944 new shares and options issued.
- Top Up Offer remains open until 13 December 2024.
Capital Raising Details
Memphasys Limited has successfully completed its Share Purchase Plan (SPP) and Placement Offers, raising a total of $1.857 million. The SPP allowed eligible shareholders to purchase up to $30,000 worth of fully paid shares at an issue price of $0.006 per share, representing a 20% discount to the 5-day Volume Weighted Average Price (VWAP) as of the date of issue.
In addition to the shares, participants in both the SPP and Placement Offers received one attaching option for every share subscribed. This strategic move aims to bolster Memphasys' financial position, enabling further development of its cutting-edge reproductive biotechnology products.
Share and Option Allotment
The company has issued a total of 309,499,944 new shares, with 166,666,652 shares allotted to Placement participants and 142,833,292 shares to SPP eligible shareholders. The same number of attaching options were issued, bringing the total options on issue to 309,499,944.
Following this allotment, the total number of shares on issue stands at 1,754,748,100. Memphasys has also opened a Top Up Offer, allowing further participation until 13 December 2024, with the potential to raise an additional $1,000,000.
Strategic Implications
This capital raising effort is a significant step for Memphasys as it continues to innovate in the field of reproductive biotechnology. The funds raised will support the ongoing development of products such as the Felix™ System, which utilizes proprietary technology to enhance artificial reproduction processes.
The successful capital raising is likely to have a positive impact on Memphasys' stock, as it strengthens the company's financial foundation and supports its growth strategy. The discount offered on shares and the inclusion of attaching options provide attractive incentives for investors, potentially boosting market interest and trading volumes.
Investor Reaction:
Analyst reactions are expected to be positive, given the successful completion of the capital raising and the strategic use of funds for product development. The attractive pricing and options may also encourage further investment in the Top Up Offer.
Conclusion:
Memphasys' successful capital raising through the SPP and Placement Offers marks a pivotal moment for the company as it advances its innovative reproductive biotechnology solutions. Investors should consider the potential growth opportunities and monitor the Top Up Offer for additional investment prospects.