Join our daily newsletter At The Bell to receive exclusive market insights
- CardieX (CDX) has announced a share purchase plan (SPP) and will aim to raise up to $1 million
- Through the offer, the healthtech developer will issue up to 20 million new ordinary securities for 5 cents per share
- The company has the right to close the SPP early, scale back applications, or accept amounts above or below the $1 million target
- Under the plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares without incurring any costs
- In late September, CardieX signed a commercial partnership with technology company Mobvoi to launch a new line of health-focused smartwatches
- Under the partnership, Mobvoi will be responsible for developing the hardware and firmware, while CardieX will integrate an algorithm based on its health analytics platform
- Shares in CardieX are down 3.77 per cent and are trading at 5.1 cents
CardieX (CDX) has announced a share purchase plan (SPP) and will aim to raise up to $1 million.
Through the offer, the healthtech developer will issue up to 20 million new ordinary securities for 5 cents per share.
The company has the right to close the SPP early, scale back applications, or accept amounts above or below the $1 million target.
Under the plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares without incurring any costs.
The SPP will open on December 7, close on December 31, and shares will be issued and allocated on January 12.
CardieX will primarily use the funds for working capital and invest into product expansion of product and market development.
In late September, CardieX signed a commercial partnership with Mobvoi to launch a new line of health-focused smartwatches.
Mobvoi is a Chinese technological company that sells and develops consumer electronics such as smartwatches, smart speakers, and wireless earbuds.
Under the partnership, Mobvoi will be responsible for developing the hardware and firmware, while CardieX will integrate an algorithm based on its Arty health analytics platform.
The product is expected to be launched in Q1 2021 and the profit will fall with the company who has made the sale.
Shares in CardieX are down 3.77 per cent and are trading at 5.1 cents at 12:23 pm AEDT.
