- Biotech company Next Science (NXS) opens Share Purchase Plan (SPP) to raise $5 million to eligible NXS shareholders to apply for up to $30,000 of new fully paid ordinary shares
- Eligible shareholders are eligible to participate in the purchase plan if they have registered address in Australia or New Zealand at 7:00 pm AEDT on February 23 and continued to hold shares from record date to the opening date of the purchase plan if in New Zealand
- Shares offered at the issue price of 90 cents per share, representing a two per cent discount to the five-day volume weighted average price
- SPP offer is expected to close on March 18 unless otherwise stated and normal trading of new shares is expected to commence on March 29
- NXS shares down 3.85 per cent, trading at 94.5
Biotech company Next Science (NXS) has announced its intention to raise $5 million via a Share Purchase Plan (SPP) and is open to eligible NXS shareholders to apply for up to $30,000 of new fully paid ordinary shares.
Eligible shareholders are able to participate in the purchase plan if they have a registered address in Australia or New Zealand at 7:00 pm AEDT on February 23 and continued to hold shares from record date to the opening date of the purchase plan if in New Zealand.
Shares are offered at the issue price under the placement announced to the market on 24 February at 90 cents per share, representing a two per cent discount to the five-day volume-weighted average price.
In the event of oversubscriptions, the purchase plan will be subjected to a scale-back of applications at the absolute discretion of the company.
Shares will rank equally with existing NXS fully paid ordinary shares on issue, and participation in the SPP is voluntary.
Shareholders who hold shares on behalf of those who live outside Australia and New Zealand, including in the US are not eligible to participate.
The SPP offer is expected to close on March 18 unless otherwise stated and normal trading of new shares is expected to commence on March 29.
NXS did not disclose what the raised funds would be used for once received.
Shares were down by 3.85 per cent, trading at 94.5 cents by the end of the day,