Unith Ltd announces successful closure of Entitlement Offer

Unith Ltd (ASX: $UNT) has closed the pro-rata non-renounceable Entitlement Offer, raising up to $2.57 million, with strong support from shareholders. The Company is now processing applications and will release the final results on 25 March 2024. The proceeds will be utilized for the public launch of the Digital Human platform, expansion of the commercial team and marketing efforts, user experience enhancement, conversational AI capabilities, analytics improvement, and working capital.

CEO Idan Schmorak's perspective on the successful Entitlement Offer

We are delighted with the response from loyal shareholders who share our commitment for developing artificial intelligence to transform the capabilities of digital humans. We look forward to putting these funds to good use with extra features to be added to the Digital Human platform. We now have flexibility to increase our marketing spend when the time is right with UNITH well capitalized through to the platform's public launch and beyond.

Summary of Unith Ltd's Entitlement Offer closure and future plans

Unith Ltd (ASX: $UNT) has successfully closed the pro-rata non-renounceable Entitlement Offer, receiving oversubscriptions in excess of the New Shares and corresponding New Options outlined in the Prospectus. The Company plans to utilize the proceeds for the public launch of the Digital Human platform, expansion of the commercial team and marketing efforts, user experience enhancement, conversational AI capabilities, analytics improvement, and working capital. CEO Idan Schmorak expressed delight in the response from loyal shareholders and emphasized the company's commitment to developing artificial intelligence for digital humans. The company looks forward to utilizing the funds to enhance the Digital Human platform and increase marketing spend as needed, ensuring well-capitalized operations beyond the platform's public launch.