Novatti completes tranche 1 of its share placement
Novatti Group, a leading fintech enabling businesses to pay and be paid, have announced the completion of tranche 1 of its share placement as part of the company’s capital raising of up to $9.4 million.
On 11 October 2024, Novatti announced it would be undertaking a partially underwritten capital raising comprising a placement to professional and sophisticated investors in two tranches (Placement) and a pro-rata 1 for 3 non-renounceable entitlement offer to eligible Shareholders (Entitlement Offer). Recipients of shares under the Placement and Entitlement Offer will also receive a free-attaching 6.4 cents, 31-Dec-27 option on a 1:1 basis.
The first tranche of shares under the Placement, comprising 50,612,567 shares, were issued 23 October 2024 within the company’s existing 15% share issue capacity pursuant to Listing Rule 7.1. The second tranche of shares under the Placement comprises an aggregate 50,000,000 Shares, with the issue subject to shareholder approval to be sought at Novatti’s annual general meeting, scheduled to be held on Thursday, 28 November 2024.
The Entitlement Offer is expected to open on Friday, 1 November 2024. The Entitlement Offer will be made under a transaction-specific prospectus expected to be lodged with ASIC and ASX on Thursday, 24 October 2024.
