- Health technology company CardieX (CDX) raises $4.33 million under its placement and launches a $1 million share purchase plan (SPP)
- The placement funds were raised through the issue of more than 14.43 million shares to directors, domestic institutions, family offices and sophisticated investors at 30 cents
- Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 worth of shares which will be priced the same as the placement of 30 cents
- CardieX plans to use the money to support and accelerate new products related to its CONNEQT subsidiary as well as corporate initiatives in the US
- Shares in CardieX are down 8.57 per cent on the market and are trading at 32 cents at 12:41 pm AEST
Health technology company CardieX (CDX) has raised $4.33 million under its placement and launched a $1 million share purchase plan (SPP).
The placement funds were raised through the issue of 14,433,337 new fully-paid ordinary shares to directors, domestic institutions, family offices and sophisticated investors at 30 cents each.
This price represents a 14.3 per cent discount to CardieX’s closing price of 35 cents on August 17.
Participants will receive one free-attaching option for every three shares issued, exercisable at 45 cents with expiry one year from issue.
Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 worth of shares which will be priced the same as the placement of 30 cents.
Even though CardieX will aim to raise $1 million, the board has discretion regarding the final amount raised.
CardieX will use the money from the placement and SPP to support and accelerate new products related to its CONNEQT subsidiary as well as corporate initiatives in the US.
The company’s CONNEQT subsidiary is developing medical devices, digital solutions and wearables for consumers, patients and clinicians in the home health and remote patient monitoring sectors.
“As we move towards our new product launches, FDA clearance on the Pulse, the lodgement of our FDA submission on our arterial health wearable, and other corporate activities, it’s important to have momentum with our go-to-market strategy and operational requirements that will ensure our success,” CEO Craig Cooper said.
Shares in CardieX were down 8.57 per cent on the market and were trading at 32 cents at 12:41 pm AEST.