KneoMedia financial and operational update

KneoMedia Limited (ASX:KNM) has been focused on achieving the resumption of trading of KNM shares on the ASX since the shares were suspended on 7 March 2024. The company has undertaken a $1.25 million capital raising, negotiated repayment terms of existing convertible notes and loan borrowings, and successfully conducted an Extraordinary General Meeting (EGM) to address funding requirements and lift the suspension of trading of its shares. Additionally, KneoMedia has renewed existing paid contracts associated with the Connect ALL Kids education program with the New York City Department of Education and received A$700,000 net for the first license renewal for the FY 2025 school year.

Executive commentary on company's initiatives

The Board has been fully focused on achieving the resumption of trading of KNM shares on the ASX and has taken a range of initiatives to address funding requirements and lift the suspension of trading of its shares in the near-term. We are pleased with the successful negotiation of the repayment terms of existing convertible notes and loan borrowings, as well as the outcome of the Extraordinary General Meeting (EGM) where all resolutions were passed. The renewal of contracts associated with the Connect ALL Kids education program and the progress made in adopting the new EdTech platform for mandated testing by the New York State Education Department are positive developments for the company's future.

Summary of KneoMedia's financial and operational update

KneoMedia (ASX:KNM) has made significant progress in addressing funding requirements and lifting the suspension of trading of its shares on the ASX. The company has undertaken a $1.25 million capital raising, negotiated repayment terms of existing convertible notes and loan borrowings, and successfully conducted an Extraordinary General Meeting (EGM). Additionally, KneoMedia has renewed existing paid contracts associated with the Connect ALL Kids education program and received A$700,000 net for the first license renewal for the FY 2025 school year. The company will shortly be announcing a partially underwritten Non-renounceable Entitlements Issue with a shortfall facility to further strengthen its balance sheet. The progress in adopting the new EdTech platform for mandated testing by the New York State Education Department is a positive development. KneoMedia's focus on addressing funding requirements and renewing contracts demonstrates its commitment to enhancing shareholder value and sustaining its operations.