Identitii (ASX: $ID8) recently closed its Rights Issue on 4 July 2024, raising $1,659,445 before costs, with a shortfall balance of $491,745. The Chairman, Tim Phillipps, and Non-Executive Directors Rhyll Gardner and Simon Griffin took up their full entitlements, and CEO, John Rayment took up 56% of his entitlement. The Rights Issue was a pro-rata non-renounceable entitlement issue to eligible shareholders of one (1) New Share for every two (2) existing Shares held by eligible shareholders on the Record Date, at an issue price of $0.01 per New Share. The Company will issue and allot 165,944,526 New Shares on Thursday, 11 July 2024 and expects the remaining shortfall to be placed subsequently.
My sincere thanks to shareholders who participated in our Rights Issue, and to all our shareholders for their ongoing support of the Company. Capital raised via this Rights Issue, together with expected revenue plus our annual R&D Tax Refund, will extend the Company's runway, with expected Shortfall placement further extending this. The Shortfall Offer is a separate offer and will remain open for up to three months following the Closing Date. The issue price for each Share to be issued under the Shortfall Offer shall be $0.01, being the price at which Shares were offered under the Rights Issue. Funds raised under the Rights Issue, after costs, will be used for working capital including closing deals in contract negotiation, pursuing technology partnership opportunities to acquire new customers at scale, and capitalising on validated opportunities in the data sharing space.
Identitii (ASX: $ID8) successfully closed its Rights Issue, raising $1,659,445 before costs, with a shortfall balance of $491,745. The Chairman, Tim Phillipps, and Non-Executive Directors Rhyll Gardner and Simon Griffin took up their full entitlements, and CEO, John Rayment took up 56% of his entitlement. The Company will issue and allot 165,944,526 New Shares on Thursday, 11 July 2024 and expects the remaining shortfall to be placed subsequently. The CEO, John Rayment, expressed gratitude to the participating shareholders and highlighted the expected extension of the Company's runway through the capital raised via the Rights Issue and anticipated revenue. The funds raised will be utilized for working capital, pursuing technology partnership opportunities, and capitalizing on validated opportunities in the data sharing space.