Adherium's non-renounceable entitlement offer details

Adherium Limited (ASX: $ADR) is conducting a non-renounceable pro-rata entitlement offer to eligible shareholders, aiming to raise approximately $6.8 million before costs. The offer includes the issuance of up to 340,039,981 new shares at an issue price of 2 cents per share, along with 1 new option for every new share issued. The offer is fully underwritten by MST Financial Services Pty Ltd and closes at 5.00pm on 20 May 2024, unless extended. Additionally, the company has secured commitments for a placement of 78,500,000 shares to raise around $1.57 million at the same issue price, with 1 new option for each placement share issued. The funds raised will be utilized for the company's commercial development, including manufacturing activities and sales in the US market.

Executive commentary on the entitlement offer

The company is focused on bringing its respiratory health product portfolio to the US market and has a clear and focused US engagement and market penetration strategy. The funds raised from the offer will play a crucial role in supporting our commercial development, including manufacturing activities and sales in the US market. We are committed to leveraging this opportunity to strengthen our position and drive growth in the US, a key market for our respiratory health products.

Summary of Adherium's announcement

Adherium Limited (ADR) is conducting a non-renounceable entitlement offer to raise funds for its US market penetration and commercial development. The offer includes the issuance of new shares and options, aiming to raise approximately $6.8 million before costs. The company has also secured commitments for a placement of shares to raise around $1.57 million. The funds raised will be utilized for the company's commercial development, including manufacturing activities and sales in the US market. Adherium's focus on the US market and its strategic approach to leveraging the funds for growth reflect its commitment to expanding its presence and driving value for its respiratory health product portfolio.