SomnoMed (ASX: $SOM) Institutional Entitlement Offer Completion

SomnoMed Limited (ASX: $SOM) has successfully completed the institutional component of its entitlement offer, issuing approximately 27.5 million new shares at an offer price of $0.21 per share. The offer had a take-up rate of approximately 70.6% and raised an aggregate of approximately A$5.8 million. The proceeds will be used for investment into manufacturing capacity initiatives, a cost out program, and paydown of the Epsilon Direct Lending debt facility. SomnoMed's ordinary shares will recommence normal trading on an ex-entitlement basis from the opening of the market on Wednesday, 10 April 2024.

Executive Commentary on Institutional Entitlement Offer

The successful completion of the institutional entitlement offer demonstrates the strong support from our existing domestic and international institutional shareholders. The proceeds from this offer will enable us to further invest in our manufacturing capacity initiatives, implement a cost out program, and strengthen our financial position by paying down the Epsilon Direct Lending debt facility. We are pleased with the outcome and look forward to the next phase of our corporate strategy.

Summary of SomnoMed's Institutional Entitlement Offer

SomnoMed Limited (ASX: $SOM) has completed the institutional component of its entitlement offer, raising approximately A$5.8 million with a take-up rate of approximately 70.6%. The proceeds will be utilized for investment into manufacturing capacity initiatives, a cost out program, and paydown of the Epsilon Direct Lending debt facility. The company's ordinary shares will recommence normal trading on an ex-entitlement basis from the opening of the market on Wednesday, 10 April 2024. The new shares issued will rank equally with existing shares on issue and are expected to be settled on Monday, 15 April 2024. The retail component of the entitlement offer is set to raise up to approximately $16.8 million and will open on Tuesday, 16 April 2024. Eligible retail shareholders are invited to subscribe for 1 share for every 1.01 shares held on the record date at an offer price of $0.21 per share. The offer is expected to close on Wednesday, 1 May 2024. The company's ambitions and goals include further investment in manufacturing capacity initiatives and strengthening its financial position. The completion of the institutional entitlement offer marks a significant step in SomnoMed's corporate strategy.