Control Bionics equity raising announcement

Control Bionics Limited (ASX:CBL) has announced its intention to undertake an equity raising of up to 29,898,111 shares to raise $2,092,868 through a non-renounceable rights issue of fully paid ordinary shares. The entitlement offer will be on the basis of 1 new share for every 7 shares held as at the record date of 25 September 2024, and will be available to shareholders with a registered address in Australia and New Zealand.

Executive commentary on equity raising

The Company Secretary, Brett Crowley, confirmed that the company will offer the shares for issue without disclosure to investors under Part 6D.2 of the Corporations Act. He also highlighted the compliance with the provisions of the Corporations Act and the absence of excluded information as per the requirements of the Act. Additionally, Crowley outlined the potential effects of the issue of shares pursuant to the entitlement offer on the control of the company, emphasizing that the consequences will depend on various factors, including investor demand.

Summary of Control Bionics equity raising announcement

Control Bionics Limited (ASX:CBL) has announced an equity raising of up to 29,898,111 shares to raise $2,092,868 through a non-renounceable rights issue of fully paid ordinary shares. The entitlement offer, available to eligible shareholders in Australia and New Zealand, will be on the basis of 1 new share for every 7 shares held as at the record date of 25 September 2024. The company's Company Secretary, Brett Crowley, confirmed the compliance with the Corporations Act and outlined the potential effects of the issue of shares on the company's control, emphasizing the dependence on various factors, including investor demand. The announcement reflects the company's strategic move to raise capital and potentially strengthen its financial position, with the outlook dependent on the response from eligible shareholders and investor demand.