Control Bionics seeks approval for additional share issue

Control Bionics Limited (ASX:CBL) has provided additional information and updated the timetable regarding its non-renounceable rights issue offer and private placement. The company is seeking shareholder approval for the placement of an additional $1m in new shares, subject to the approval of additional share issue capacity under Listing Rule 7.1A. This approval is sought in Resolution 10 of the Company's Notice of Annual General Meeting released to the market on 9 September 2024. Additionally, the company has updated the timetable for the issue of new shares under the pro-rata no-renounceable rights issue, with changes to the issue date for new shares and the trading commencement date on ASX.

Company's clarification and timetable update

The company is taking steps to ensure transparency and compliance with regulatory requirements by seeking shareholder approval for the placement of additional $1m in new shares. This move aligns with the company's commitment to maintaining good corporate governance practices. The updated timetable for the rights issue aims to provide clarity and ensure that all stakeholders are informed about the revised dates for the issue of new shares and the commencement of trading on ASX. The company remains focused on executing its strategic initiatives in a timely and efficient manner.

Summary of additional information and outlook

Control Bionics Limited (ASX:CBL) has provided further details regarding the approval sought from shareholders for the placement of an additional $1m in new shares and has updated the timetable for the pro-rata no-renounceable rights issue. The company's proactive approach to seeking shareholder approval demonstrates its commitment to adhering to regulatory requirements and maintaining transparency. The updated timetable aims to ensure that stakeholders are well-informed about the changes and can plan accordingly. Control Bionics remains focused on executing its corporate strategy and aims to proceed with the rights issue and private placement in line with the revised timetable, subject to shareholder approval and regulatory considerations.