IXUP Limited (ASX: $IXU) entitlement offer results

IXUP Limited (ASX: $IXU) has disclosed the outcome of its Pro-Rata Non-Renounceable Entitlement Offer, revealing total subscriptions of $1,346,050.45 received from shareholders, resulting in a shortfall of $2,732,204.97. The company has entered into an Underwriting Agreement with Cygnet Capital Pty Ltd to partially underwrite the remaining shortfall, with an agreement to underwrite up to a maximum of 193,333,333 shares or $2,900,000.00. Additionally, $2.75m out of $3.00m convertible notes will be converted into shares.

Executive commentary on entitlement offer and convertible note settlement

Julian Babarczy, Chairman, expressed gratitude to the shareholders who supported the Entitlement Offer, the convertible note holders who agreed to settle their notes, and Cygnet Capital for their ongoing support as underwriters. The capital raised will be utilized across the company's high growth business divisions, including the commercialization of various products based on IXUP's secure data collaboration technology, the IXUP five safes governance solution, BetStopTM - the National Self Exclusion Register, and the datapowa sports sponsorship technology division. The conversion of over 90% of the Convertible Note liabilities into equity significantly strengthens the Company's balance sheet, providing substantial financial flexibility for targeting rapid sales growth.

Summary of entitlement offer results and outlook

IXUP Limited (ASX: $IXU) successfully raised a total of $4.078m from the Entitlement Offer and settled $2.75m of convertible notes, demonstrating confidence in the company's strategic direction. The underwriting agreement with Cygnet Capital Pty Ltd further supported the shortfall, contributing to the total raised amount. The company's focus on deploying the capital across its high growth business divisions and the strengthening of its balance sheet through the conversion of convertible note liabilities into equity reflects a positive outlook for rapid sales growth and considerable activities in the near future.