AnteoTech (ASX:ADO) collects roughly $4M from options exercise

• Surface chemistry company, AnteoTech (ADO) has received $3.9 million in proceeds from the exercise of listed options
• The company exercised just over 195 million listed options at two cents each before they were set to expire on December 6
• The proceeds, combined with $1.19 million in recent R&D tax refunds, have bolstered AnteoTech’s cash position
• The company will use the funds to advance a number of key projects within its research and development program
• AnteoTech closed 3.19 per cent in the red for 9.1 cents per share

Surface chemistry company, AnteoTech (ADO) has received $3.9 million in proceeds from the exercise of listed options.

The company exercised just over 195 million listed options at two cents each before they were set to expire on December 6. The vast majority of the options, (approximately 194,529,525) were exercised by option holders, while the remaining 657,494 options were exercised by entities associated with Mahe Capital Pty Ltd.

The $3.9 million in proceeds have cemented AnteoTech’s strong cash position, which recently received a boost from another source. Late last month, the company received $1.19 million in R&D tax refunds, thanks to the Federal Government’s Research & Development Tax Incentive Scheme. 

With these extra injections of money, AnteoTech is ending the year with over $6 million to its name. The company will use these funds to advance various key projects within its research and development program. 

These projects include the commercialisation and distribution of the company’s COVID-19 Antigen Rapid Test, which will involve the clinical trial and regulatory approval. It will also include the completed commercialisation of AnteoTech’s COVID-19 antigen/Flu A/Flu B multiplex test and sepsis rapid test. 

In addition, the company will grow its assay development services business, and commercialise its cross-linking binder additive, AnteoX, for the silicon composite battery market.

Finally, AnteoTech will direct some of the funds towards advancing its lithium-ion battery anode research and development program, and realising commercial opportunities for its high-performance silicon graphite composite products.

AnteoTech closed 3.19 per cent in the red for 9.1 cents per share.