Universal Biosensors' capital raise announcement

Universal Biosensors, Inc (ASX: $UBI) has announced its intention to raise approximately $12.5m of capital. The capital raise is structured to provide existing shareholders with the opportunity to support the company's growth ambitions and participate in UBI's future at an attractive price. The proposed structure includes an underwritten pro rata non-renounceable entitlement offer and a non-underwritten placement of new CHESS Depository Interests to institutional and sophisticated investors.

Executive Commentary on Capital Raise

The capital raise is designed to strengthen our financial position and support the execution of our growth strategy. We believe that involving existing shareholders in this initiative aligns with our long-term vision and will enable us to pursue our ambitions effectively.

Summary of Universal Biosensors' Capital Raise

Universal Biosensors (UBI) has announced its intention to raise approximately $12.5m of capital to support its growth ambitions. The capital raise is structured to involve existing shareholders and institutional investors. The company aims to issue new CHESS Depository Interests at a price of A$0.15 per New CDI, with the addition of attaching Options for participants. UBI has received a binding commitment from existing shareholder Viburnum Funds Pty Ltd to fully underwrite the Entitlement Offer. The company will be required to seek stockholder approval to amend its certificate of incorporation to increase the number of authorized shares of common stock available for issuance. Final details of the capital raising, together with an updated indicative timetable, will be advised in a further announcement. The company's ambition is to build a multi-product stable of biosensors in large markets which generate ongoing revenue streams.