Thrive Tribe Technologies Limited - Share Purchase Plan Offer - 24 July 2024
THRIVE TRIBE TECHNOLOGIES LIMITED (1TT) Share Update July 2024 Wednesday 24th
Thrive Tribe Technologies Announces Share Purchase Plan to Raise $282,000
Thrive Tribe Technologies Limited (ASX:1TT) has announced a Share Purchase Plan (SPP) aimed at raising up to A$282,000. This plan offers eligible shareholders the opportunity to purchase additional shares without incurring brokerage or other transaction costs.
Instant Summary:
- SPP aims to raise up to A$282,000.
- Eligible shareholders can apply for up to $30,000 worth of new shares.
- Issue price set at A$0.002 per share.
- Proceeds will be used for working capital and SPP costs.
- SPP opens on 23 July 2024 and closes on 6 August 2024.
Share Purchase Plan Details
Thrive Tribe Technologies Limited (Thrive Tribe) has launched a Share Purchase Plan (SPP) to raise up to A$282,000. The SPP allows eligible shareholders to apply for up to $30,000 worth of new, fully paid ordinary shares in the company without incurring any brokerage or other transaction costs.
The issue price for the new shares is set at A$0.002 per share, representing a 13% discount to the 5-day volume-weighted average price on 15 July 2024. The SPP is open to shareholders who were registered as of 7:00pm (AEST) on 15 July 2024 and have a registered address in Australia or New Zealand.
Use of Proceeds
The proceeds from the SPP will be used to bolster the company's working capital and cover costs associated with the SPP. This initiative is part of Thrive Tribe's broader strategy to support its health and wellness app, Sixty, and foster a community of thriving individuals and businesses.
Participation Details
Eligible shareholders can apply for shares in increments of $1,000, up to a maximum of $30,000. The SPP is optional, and shareholders are encouraged to read the SPP Offer Booklet in full and seek advice from financial professionals before participating.
The SPP opens on 23 July 2024 and will close at 5:00pm (AEST) on 6 August 2024. To participate, Australian shareholders can make payments via BPAY, while New Zealand shareholders can use either BPAY or EFT. The results of the SPP will be announced on 9 August 2024, with shares expected to be issued on 12 August 2024 and commence trading on 13 August 2024.
The SPP is expected to provide Thrive Tribe with additional working capital, which could enhance its operational capabilities and support its strategic initiatives. The discount on the issue price may attract significant participation from existing shareholders, potentially leading to an increase in the company's stock liquidity. However, the dilution of shares could have a short-term negative impact on the stock price.
Investor Reaction:
Initial reactions from investors and analysts have been cautiously optimistic. Some investors see this as a positive move to strengthen the company's financial position, while others are concerned about the potential dilution of their existing shares. Financial advisors recommend that investors carefully consider their participation in the SPP based on their individual financial situations and investment goals.
Conclusion:
Thrive Tribe Technologies' Share Purchase Plan offers a unique opportunity for eligible shareholders to increase their holdings at a discounted price. Investors should review the SPP Offer Booklet and consult with financial advisors to make informed decisions. The company's focus on enhancing its working capital and supporting its strategic initiatives could lead to long-term benefits for shareholders.