Chimeric Therapeutics to raise $10m through entitlement offer

• Chimeric Therapeutics (ASX:CHM) intends to conduct an equity raising through a two-for-three entitlement offer of new shares
• The offer aims to raise up to $10 million
• The offer price is being set at 2.8 cents per share
• These funds will be directed towards advancing its drug development program, which encompasses four ongoing clinical trials in the field of cell therapy
• CHM last traded at 2.9 cents

Chimeric Therapeutics (ASX:CHM) has announced it will conduct an equity raising through a two-for-three entitlement offer of new shares, with the goal of raising up to $10 million.

The company reported the funds would go towards advancing its drug development program, which encompasses four ongoing clinical trials in the field of cell therapy.

The offer price for the entitlement offer is fixed at 2.8 cents per new share, representing a discount of 31.7 per cent when compared to the CHM share price on October 24. This price also aligns with a five-day volume-weighted average price (VWAP) of 3.9 cents.

In this offer, eligible shareholders will have the opportunity to acquire two new shares in Chimeric for every three existing shares they hold as of October 30, 2023, at the specified offer price.

Bell Potter will oversee the equity raising as Lead Manager.

Eligible shareholders in Australia and New Zealand are invited to participate in this entitlement offer, which is scheduled to commence on November 2, 2023, and will conclude on November 20, 2023.

Approximately 356 million new Chimeric shares will be issued as a part of this offer.

CHM last traded at 2.9 cents.