HITIQ Issues 31M Shares, Raises $2.16M in Rights and Placement Offer
HITIQ Limited has successfully closed its shortfall offer, raising a total of $2.16 million through a combination of a rights issue and placement, while continuing discussions to secure additional funding.
- Raised $2.16 million via rights issue and placement
- Issued 30.9 million new shares and 15.45 million new options
- Shortfall offer closed with 3 million shares and 1.5 million options issued
- Ongoing talks with investors for remaining shortfall balance
- Focus remains on commercialising concussion management technology
Capital Raise Completion
HITIQ Limited (ASX, HIQ), a pioneer in concussion management technology, has announced the closure of its shortfall offer, successfully raising a total of $2.16 million. This capital raise was achieved through a combination of a pro-rata non-renounceable rights issue and a placement, culminating in the issuance of nearly 31 million new shares alongside over 15 million new options.
Details of the Offer
The rights issue attracted strong participation, with over 38 million shares accepted and approximately 9.4 million shares placed under partial underwriting. The shortfall offer itself saw the issuance of an additional 3 million shares and 1.5 million free attaching options, raising $66,000 in funds. Despite advanced discussions with new investors for the remaining shortfall balance, these negotiations could not be completed within the three-month timeframe stipulated by the rights issue prospectus.
Strategic Implications
HITIQ’s board expressed gratitude to both existing and new shareholders for their support, underscoring the importance of this capital raising in advancing the commercialisation of its PROTEQT concussion management system. The company’s technology, which integrates smart mouthguards and software, aims to enhance athlete safety across elite and community sports worldwide.
While the shortfall offer has officially closed, HITIQ remains actively engaged with potential investors to secure further funding as part of its ongoing capital management strategy. This approach signals the company’s commitment to maintaining financial flexibility as it scales its innovative sports technology solutions.
Looking Ahead
With fresh capital in hand, HITIQ is positioned to accelerate development and market penetration of its concussion management products. However, the incomplete placement of the shortfall leaves some uncertainty around the total funds raised, which investors will watch closely in upcoming updates.
Bottom Line?
HITIQ’s capital raise marks a key step forward, but ongoing investor talks hint at further funding rounds ahead.
Questions in the middle?
- Will HITIQ secure the remaining shortfall funding soon?
- How will the new capital specifically accelerate PROTEQT’s commercial rollout?
- What impact might the partial shortfall have on HITIQ’s share price and investor confidence?
