Posted: 30 May 2023
Respiratory imaging technology company, 4DMedical Limited (ASX:4DX, “4DMedical” or the “Company”) is pleased to announce the successful completion of its SPP.
Strong support was received from 1,129 Eligible Shareholders, out of a total of 8,286 Eligible Shareholders, with applications totalling $25m. The SPP sought to raise a maximum of $15m and accordingly was oversubscribed by $10m. In recognition of the long-term support of its investors and to maximise growth opportunities, the Board has exercised its discretion under the terms of the SPP and has determined not to scale back applications.
In accordance with the SPP terms, the issue price of the new fully paid ordinary shares (“New Shares”) under the SPP is $0.89 per New Share, being the lower of $0.91 and the price calculated as a 2.5% discount to the VWAP of shares traded on the ASX during the five trading days up to the closing date of the SPP, rounded to the nearest half cent.
A total of 28,044,096 fully paid ordinary shares New Shares will be issued to SPP applicants at an issue price of $0.89 per New Share. The New Shares issued will represent 8.1% of 4DMedical’s issued capital and will rank equally with existing shares on issue from their date of issue.
The New Shares issued under the SPP are expected to be allotted on Wednesday, 31 May 2023 and are expected to commence trading on ASX on Thursday, 1 June 2023.
The total funds raised, comprising the Placement ($20m) and SPP ($25m), amount to $45m (before costs). Proceeds raised under the Placement and SPP will be used primarily to accelerate commercialisation of 4DMedical’s respiratory imaging software and significantly strengthen the Company’s balance sheet. Funds raised leave the Company with a cash balance of approximately $79.6m after costs as at 31 March 2023 on a proforma basis.
Bell Potter Securities Limited was sole Lead Manager and bookrunner to the Placement and SPP.
At its upcoming general meeting scheduled for 11.30am, Wednesday, 14 June 2023, the Company will seek Shareholder approval for the issue of free attaching new options on the basis of 1 new option for every 2 shares issued under the SPP and Placement.
4DMedical Founder and CEO Andreas Fouras said:
“We are delighted with the very strong demand received for the SPP and thank our incredible shareholders for their support. Funds raised from the SPP will help further accelerate our commercialisation efforts, capitalising on our recent momentum, which includes our first commercial scan and subsequent Authority to Operate at Harry S. Truman VA, our commercial pilot win with the US Department of Defense, and the unveiling of our ventilation-perfusion product (CT:VQ) at ATS 2023 where 4DMedical won Best in Show. We’re entering a very exciting period in 4DMedical’s history and we look forward to bringing our shareholders along for the ride.”
