NoviqTech has secured binding commitments for a $1.805 million share placement, but the raise cannot complete until shareholders approve it. The company remains suspended, and ASX has not agreed that the proposed funding package will be enough for reinstatement.
- $1.805 million placement at $0.035 per share
- Up to 51.57 million new shares proposed
- Shareholder approval required before issue
- Directors committed approximately $235,000
- ASX reinstatement remains uncertain
$1.805 Million Raise Awaits Shareholder Approval
NoviqTech Limited (ASX:NVQ) has lined up $1.805 million from sophisticated and professional investors, giving the suspended technology company a proposed source of capital while it works through the ASX reinstatement process. The commitments cover up to approximately 51.57 million shares at $0.035 each, before transaction costs.
The placement price represents a 10.3% discount to NoviqTech’s last traded price of $0.039 on 10 June 2026. That comparison comes from the company’s last available trading price, however, rather than a current market valuation: NoviqTech’s securities remain suspended from quotation.
Directors Commit $235,000 Alongside External Investors
Directors Timothy Brooks, Niv Dagan and Darren Scott have committed to subscribe for approximately 6.7 million placement shares, worth about $235,000 in aggregate, on the same price and terms as unrelated investors. Their participation will require separate shareholder approval under ASX Listing Rule 10.11.
The proposed issue to other investors also requires approval under ASX Listing Rule 7.1, or Listing Rule 10.11 where applicable, because NoviqTech’s placement capacity is restricted until 19 December 2026. The company intends to seek both approvals at its upcoming annual general meeting.
Funding to Support Operations and Coralia Project
NoviqTech says the net proceeds will primarily support the operations of its subsidiary, NoviqTech Services, with part of the money allocated to Coralia’s Great Barrier Reef Project and the costs of the capital raising. The allocation remains indicative and may change depending on operating needs and the outcome of the company’s discussions with ASX.
Fees will also reduce the gross proceeds: Prenzler Group and Peak Asset Management acted as joint lead managers and will receive $30,000 in cash. NoviqTech has separately agreed to issue 7,961,029 shares to WFC Nominees Australia in lieu of consultancy and broker fees connected with the placement.
Reinstatement Decision Still Rests with ASX
The raise is intended to form part of NoviqTech’s proposed funding package for reinstatement, but it is not a reinstatement ticket. The company says it will shortly provide written submissions to ASX, while the amount and composition of funding that ASX will regard as satisfactory have not been finally determined or agreed.
Completion of the placement, and the planned lodgement of a cleansing prospectus with ASIC, do not guarantee that trading will resume. The next material tests are shareholder approval, completion of the issue and ASX’s response to NoviqTech’s reinstatement submissions.
Bottom Line?
The capital commitment improves NoviqTech’s funding position, but the investment case still turns on approval of the raise and whether ASX accepts the eventual funding package for reinstatement.
Questions in the middle?
- Will shareholders approve both the placement and the proposed director participation at the AGM?
- What funding package and conditions will ASX ultimately require before considering reinstatement?
- How much of the raised capital will remain for operations and Coralia after fees and transaction costs?