TruScreen Completes NZ$1.82m Placement and Launches Rights Issue

Oversubscribed Placement Highlights Investor Demand

TruScreen Group Limited (NZX:TRU) has successfully raised approximately NZ$1.82 million through an oversubscribed placement of around 130 million shares priced at NZ$0.014 each. The placement attracted firm commitments from both new and existing institutional investors, exceeding the company’s initial target by about NZ$820,000. Due to this strong demand, the company has structured the placement in two tranches: 110 million shares to be issued under existing placement capacity on 1 June 2026, with the remaining 20 million shares subject to shareholder approval and an NZX waiver in early July.

Alongside the placement, TruScreen plans to issue one free attaching option for every two shares subscribed, exercisable at NZ$0.014 and expiring two years from issue. This incentive is also contingent on shareholder approval at the July meeting. The placement was managed jointly by S P Corporate Advisory and Erity Capital, reflecting solid institutional backing.

Upcoming Rights Issue Offers Shareholders Additional Participation

Following the placement, TruScreen is launching a renounceable rights issue on 29 May 2026, offering existing shareholders one share for every five held at a slightly discounted price of NZ$0.013 per share. Eligible shareholders as of 28 May will receive application documents, providing an opportunity to maintain or increase their stake amid the company’s expansion efforts.

This capital raising initiative builds on the company’s earlier announcement of a NZ$2.9 million capital raise aimed at accelerating global cervical screening adoption, including expansion into new markets such as India and Africa. TruScreen’s reported 42% year-on-year product sales growth in FY2026 adds context to the strong investor interest in this round, as the company continues to broaden its footprint and regulatory approvals across multiple countries.

Strategic Growth Linked to UNITAID Program Potential

Chairman Tony Ho highlighted the placement’s robust support, noting the potential transformational impact if even one of TruScreen’s screening programme submissions under UNITAID’s Global Cervical Cancer Elimination Call is successful. The company’s AI-enabled TruScreen Ultra device, already registered and approved in 29 countries, underpins its growth strategy by offering real-time cervical screening without the complexities of traditional biopsy processes.

With over 200,000 examinations performed in FY2024 and a manufacturing presence established in China, TruScreen is positioned to capitalize on global health initiatives targeting cervical cancer. The company’s expanding distributor network and ongoing regulatory recognitions, including recent additions to Vietnam and Russian screening guidelines, further bolster its market prospects.

The placement and rights issue follow a period of strong revenue performance, with TruScreen having met its FY2026 revenue targets driven by a 41% jump in product sales. This financial momentum, combined with a consortium bid for up to US$57.3 million in UNITAID funding, frames the capital raise as a critical step in scaling operations and product deployment.