Spenda Launches $8.545 Million Entitlement Offer at $0.004 per Share

Retail Entitlement Offer Now Open

Spenda Limited (ASX:SPX) has officially opened the retail tranche of its accelerated renounceable entitlement offer, targeting to raise up to $8.545 million. Eligible retail shareholders can subscribe for 7 new fully paid ordinary shares for every share held at the record date, priced at a steep $0.004 per share. Each new share will come with a free attaching option exercisable at $0.006, expiring on 30 June 2031.

The retail offer follows the institutional component, which closed on 9 June 2026, and forms a critical part of Spenda's turnaround strategy. The company aims to use the proceeds to recapitalise, fund working capital needs, accelerate product development, and materially reduce its debt burden. This offer is a clear signal of Spenda's focus on stabilising its balance sheet and positioning for future organic and acquisitive growth.

Offer Mechanics and Shareholder Access

Eligible retail shareholders received personalised entitlement and acceptance forms electronically on 16 June, with the offer set to close on 26 June unless extended. The entitlement offer is renounceable but without ASX trading or transferability of rights, meaning shareholders must actively participate to avoid dilution.

Spenda has streamlined access to the offer documents through the Automic online portal, reflecting a digital-first approach to shareholder engagement. Shareholders can apply via BPAY or EFT, and there is scope to apply for additional shares beyond their entitlement, though allocations of excess shares are not guaranteed.

Shortfall and Lead Manager Role

Any entitlements not taken up in the retail or institutional offers will be sold through a shortfall bookbuild managed by Peak Asset Management. The offer is not underwritten, introducing subscription risk. The net proceeds from any premium achieved in the bookbuild will be returned to renouncing and ineligible shareholders, though there is no assurance of a premium.

This structure places the onus on shareholders to participate to avoid dilution and on the company to attract sufficient retail take-up to meet its capital requirements. The proceeds are earmarked in part to repay finance debt and reduce other operating liabilities, addressing Spenda’s previously reported balance sheet pressures.

Strategic Implications for Spenda

Spenda operates in the software and payments sector, providing embedded finance and workflow solutions across supply chains and trading networks. The capital raise aligns with recent efforts to streamline operations, including divesting non-core assets and cutting costs. By bolstering working capital and funding product development, Spenda aims to improve operational efficiency and revenue generation from its SaaS, payments, and supply chain finance offerings.

While the offer price represents a significant discount to recent trading levels, it reflects the company's need to strengthen its financial position amid ongoing restructuring. The free attaching options provide potential upside for shareholders if the company executes its turnaround successfully.

Investors will be watching the retail offer’s subscription level closely, as it will influence Spenda’s immediate liquidity and capacity to reduce debt. The company plans to announce retail offer results on 1 July, with securities to be issued and quoted by 8 July.