Company also plans A$2 million share purchase plan at the same price
By Devika Patel
Knoxville, Tenn., May 17 - Avita Medical Ltd. said it negotiated an "oversubscribed" private placement of stock with lead investor Australian Ethical Investments. The company is raising A$9 million via lead manager Wilson HTM Corporate Finance Ltd.
Avita will sell 90 million shares at A$0.10 per share, a 33.33% discount to A$0.15, the closing share price on May 16.
The company also plans a A$2 million share purchase plan at the same price as the placement.
Proceeds from both offerings will be used for expansion of sales and marketing efforts and research and development.
Based in Nedlands, Australia, Avita is a biomedical company that develops and distributes tissue-engineered products for the treatment of wounds and other skin defects.
| Issuer: | Avita Medical Ltd.
|
| Issue: | Shares
|
| Amount: | A$9 million
|
| Shares: | 90 million
|
| Price: | A$0.10
|
| Warrants: | No
|
| Manager: | Wilson HTM Corporate Finance Ltd. (lead)
|
| Investor: | Australian Ethical Investments (lead)
|
| Pricing date: | May 17
|
| Stock symbol: | Australia: AVH
|
| Stock price: | A$0.12 at close May 17
|
| Market capitalization: | A$13.37 million
|
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