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- Polynovo (PNV) opens share purchase plan to raise up to $17 million as part of a broader capital raise to accelerate growth in the US and global markets
- Eligible shareholders will be able to purchase between $1000 to $30,000 worth of shares at $1.90 each, with the SPP closing on December 13
- The company completed a share placement on November 23, raising $30 million
- Polynovo also plans to launch a conditional placement with certain company directors to raise and additional $3 million, subject to shareholder approval
- PNV shares were up 2.19 per cent, trading at $1.98 at 12:57 pm AEDT
Medical device developer, Polynovo (PNV), has opened a share purchase plan to raise up to $17 million, as part of a capital raise to accelerate growth in the US and global markets.
Polvnovo completed a share placement on November 23 after receiving firm commitments from institutional investors to raise $30 million.
The company has also planned to launch a conditional placement to certain company directors to raise an additional $3 million, subject to shareholder approval, at its extraordinary general meeting in January, 2023.
The non-underwritten share purchase plan opened today and will allow eligible shareholders to purchase between $1000 to $30,000 worth of PNV shares, at $1.90 each.
The price is a 10.5 per cent discount to the volume-weighted average price (VWAP) of PNV shares over five days, up to November 21, 2022.
The SPP will close on December 13, 2022.
Polynovo said the funds will go towards things like additional commercial staff in the US and expansion into Canada, Hong Kong and India; as well as ongoing research and development and clinical trials to commercialise new products.
Funds will also be used for a new office facility in Port Melbourne, adjacent to the company’s current site.
PNV shares were up 2.19 per cent, trading at $1.98 at 12:57 pm AEDT.
