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Genetic Technologies Announces $2 Million Registered Direct Offering | ||
By: GlobeNewswire - 18 Apr 2024 | Back to overview list |
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MELBOURNE, Australia, April 19, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (ASX:GTG; NASDAQ:GENE, "Company", "GTG", or "Genetic Technologies"), a global leader in guideline-driven genomics-based tests in health, wellness and serious diseases, today announced that it has entered into a definitive agreement for the purchase and sale in a registered direct offering of 1,000,000 American Depositary Shares ("ADSs") (or ADS equivalents in lieu thereof), each representing thirty (30) ordinary shares of the Company, at a purchase price of $2.00 per ADS. In addition, in a concurrent private placement, the Company will issue unregistered warrants ("Warrants") to purchase up to 1,000,000 ADSs. The Warrants will have an exercise price of $2.00 per ADS, will be exercisable upon issuance, and will expire five years following issuance. The closing of the offering is expected to occur on or about April 22, 2024, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering:
The securities described above, but not the Warrants issued in the private placement and the ADSs underlying the Warrants, are being offered by the Company pursuant to a "shelf" registration statement on Form F-3 (File No. 333-276168) previously filed with the U.S. Securities and Exchange Commission (the "SEC") on December 20, 2023, and declared effective by the SEC on January 4, 2024. The offering of the ADSs (or ADS equivalents) in the registered direct offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at placements@hcwco.com. The Warrants described above are being issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Regulation D promulgated thereunder and, along with the ADSs underlying the Warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the Warrants and underlying ADSs may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. Enquiries Simon Morriss About Genetic Technologies Limited Forward-Looking Statements |
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