- Wearable sensor technology company dorsaVi (DVL) has entered a trading halt in relation to a shortfall facility
- In October last year, dorsaVi launched a one-for-four entitlement offer after a placement which came with a shortfall facility
- This enabled eligible shareholders to apply to take up new shares in excess of their pro-rata entitlement
- Once the entitlement offer was completed, dorsaVi reiterated its right to issue the 48.5 million shortfall shares at its discretion within three months of the closing date of the entitlement offer which was on November 13
- The company will remain in the trading halt until Wednesday, February 3
- Shares last traded at 3.6 cents on Friday, January 29
Wearable sensor technology company dorsaVi (DVL) has entered a trading halt in relation to a shortfall facility.
The trading halt is in relation to the placement of shares forming part or all of the shortfall of the one-for-four non-renounceable entitlement offer announced on October 22, 2020.
In October, dorsaVi received commitments from institutional and sophisticated investors to raise $1.85 million through an institutional placement. This was followed by an entitlement offer to eligible shareholders to raise as much as $1.85 million in extra capital.
The entitlement offer came with a shortfall facility which allowed eligible shareholders to apply to take up new shares in excess of their pro-rata entitlement. The offer opened on October 29 and closed on November 13.
Under the shortfall facility, the dorsaVi board reserved the right to issue the 48.5 million shortfall shares at its discretion within three months of the closing date of the entitlement offer.
On November 18, the entitlement offer was completed and only $300,000 of the planned $1.85 million was raised.
In total, dorsaVi raised $2.15 million from the placement and entitlement offer and allocated these funds to product development, commercialisation in the U.S., and sales and marketing initiatives.
dorsaVi develops innovative motion analysis device technologies for clinical applications, elite sports, and occupational health and safety.
The company will remain in the trading halt until Wednesday, February 3
Shares last traded at 3.6 cents on Friday, January 29.