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- Unith (ASX:UNT) is raising $4.5 million for operations in 2024
- This focuses on the company’s digital human AI rollout strategy
- A placement and entitlement offer were both announced this morning
- Shares last traded at 1.6 cents
Unith (ASX:UNT) – the company rolling out AI-powered “digital human” avatars for broad virtual assistant applications – is kicking off February with a $4.5 million raise.
A placement and an entitlement offer were both announced this morning as the smallcap disruptor looks out at the 11 months ahead.
“With the general public launch of our Digital Human platform users will be able to generate their own digital human and deploy them online for a multitude of purposes,” Unith CEO Idan Schmorak said.
“By strengthening our balance sheet, these funds provide Unith with the flexibility to increase marketing and commercial activities at the appropriate time to position Unith as an industry leader.”
Unith has received binding commitments for $2 million through a placement, so nearly half of what it’s seeking is locked in.
Secondly, there’s also an entitlements offer.
That offer is a pro-rata non-renounceable one, and stands on a one-for-seven basis to raise “an approximate $2.1 million with oversubscriptions of up to $500,000.”
Both the placement and offer come with a one-for-two free-attaching unlisted option exercisable at 2.3 cents expiring late September later this year.
A second unlisted option is available to expire at 3 cents on March 31, 2026.
As for the placement, shares will be released in two tranches. 137.9 million shares will be listed by the company but a second tranche of 68.9 million needs shareholder approval.
Approval will be determined at a meeting in March. The company continues to march on despite recent turbulence at the C-suite level.
UNT shares last at 1.6 cents.
