EBR Systems Raises A$106.4 Million in Institutional Placement Ahead of Retail Offer

Successful Institutional Capital Raise Totals A$106.4 Million

EBR Systems (ASX:EBR), the Silicon Valley-based developer of the world’s only wireless cardiac pacing device for heart failure, has completed a significant institutional capital raising that will inject approximately A$106.4 million into the company. The raise consists of a fully underwritten placement and an institutional entitlement offer priced at A$0.38 per new CHESS Depositary Interest (CDI).

The institutional placement alone attracted A$64.4 million in commitments, split between a Tranche 1 placement of A$29.4 million, which does not require securityholder approval, and a Tranche 2 placement of A$35 million, which awaits approval at a forthcoming extraordinary general meeting (EGM) expected in August 2026. The institutional entitlement offer contributed an additional A$42 million, with a mix of take-up by eligible institutional investors and a bookbuild for entitlements not taken up by foreign ineligible securityholders.

Retail Entitlement Offer Opens Next Week

Following the institutional raise, EBR plans to open a retail entitlement offer on 11 June 2026, targeting eligible retail securityholders in Australia and New Zealand. This component aims to raise approximately A$43.6 million and is fully underwritten, providing further capital to support the company’s growth initiatives.

The retail offer will be available to securityholders registered as of 7:00pm Sydney time on 5 June 2026, excluding those with addresses outside Australia or New Zealand and US persons, reflecting regulatory restrictions. The offer will close on 22 June 2026, with settlement and trading of new securities scheduled through June and July.

Strategic Backing and Underwriting Support

Notably, funds advised by Brandon Capital have committed to subscribing for the full A$35 million Tranche 2 placement and have also agreed to sub-underwrite A$11.65 million of the retail entitlement offer. This demonstrates strong institutional confidence in EBR’s prospects ahead of the securityholder vote.

The capital raising is managed by joint lead managers Canaccord Genuity (Australia) Limited, E&P Capital Limited, and Morgans Corporate Limited, who are also acting as joint underwriters and bookrunners.

Capital Raising Supports WiSE Technology Commercialisation

EBR’s proprietary WiSE technology offers a novel wireless, endocardial pacing system designed to stimulate the heart’s left ventricle without the need for pacing leads, which have historically been a source of complications in cardiac resynchronisation therapy (CRT). The fresh capital is expected to bolster ongoing commercialisation efforts and support the company’s expansion in key markets.

The company anticipates that trading of the new securities issued under the Tranche 1 placement and institutional entitlement offer will resume on an ex-entitlement basis on 5 June 2026, following the lifting of the trading halt. The outcome of the Tranche 2 placement depends on securityholder approval expected in August, adding a layer of uncertainty to the final capital structure.