Enlitic Secures Approximately A$15 Million Through Conditional Placement to Achieve Cashflow Break-Even and Expand SaaS Offering

Details of Enlitic’s ~A$15 Million Conditional Placement at A$0.004 per CDI

On 3 July 2026, Enlitic announced binding commitments to raise approximately A$15 million before costs by issuing about 3,750 million New CDIs at a fixed price of A$0.004 each. This price reflects a 20.0% discount to the company’s last traded price of A$0.005 on 30 June 2026 and a 21.1% discount to the five-day volume weighted average price (VWAP) of A$0.005 per CDI up to that date.

The Conditional Placement is not underwritten, so there is no guarantee the full amount will be raised if conditions are unmet. Completion depends on shareholder approval under ASX Listing Rules 7.1 and 10.11 (the latter relating to Director participation), conversion of all existing Convertible Notes to CDIs, and an amendment to increase authorised stock in the company’s certificate of incorporation. Barrenjoey Markets Pty Limited serves as Lead Manager and Bookrunner, with fees disclosed in the Appendix 3B lodged on 3 July 2026.

Allocation of the ~A$15 Million Proceeds Across Enlitic’s Operations

Enlitic outlined the intended use of the Conditional Placement proceeds: approximately A$3.6 million will be allocated to Research and Development, reflecting ongoing investment in its medical imaging AI platform. Sales and Marketing and Corporate costs are each budgeted at about A$2.8 million, with Working Capital and Administration allocated roughly A$1.4 million.

Strategic Development and Customer Service will each receive approximately A$1.2 million, while Quality and Regulatory Compliance is allocated around A$0.6 million. Capital raising and corporate restructure expenses are estimated at about A$1.3 million, totaling A$15.0 million in use of proceeds. This distribution highlights Enlitic’s focus on balancing near-term commercial scaling—especially of its Ensight SaaS product—with ongoing product development and regulatory compliance in the medical technology sector.

Convertible Note Conversion to Achieve a Debt-Free Balance Sheet

A key component of the restructure is the proposed conversion of all existing Convertible Notes into CDIs, a condition precedent to completing the Conditional Placement. While the company did not disclose the total face value or number of CDIs to be issued upon conversion, this step aims to eliminate debt obligations and simplify the capital structure.

Removing debt will alleviate interest expenses and refinancing risks associated with convertible notes, potentially enhancing Enlitic’s financial flexibility as it advances commercialization. Combined with the placement proceeds, the note conversion is expected to yield a pro forma cash balance of approximately A$18 million upon completion.

CEO Michael Sistenich Commits A$827,500 to the Placement

Subject to shareholder approval under ASX Listing Rule 10.11, CEO and Executive Director Michael Sistenich and related entities have committed to subscribing for A$827,500 within the Conditional Placement, which is included in the total ~A$15 million raise. Director participation requires separate shareholder approval, which will be sought at the upcoming EGM.

CEO Sistenich described the capital raise as "a pivotal moment for Enlitic," stating that post-transaction, the company will be "exceptionally well-placed to increase sales and deliver on its growth strategy in the large medical imaging sector where our technology is proven and gaining uptake." He emphasized that with approximately A$18 million in pro forma cash, a strong tender pipeline, a debt-free balance sheet, and an expected runway exceeding 12 months, Enlitic’s commercial position will be significantly strengthened. Investors may closely monitor whether the company’s tender pipeline translates into contracted revenue in future periods.

Expansion of Ensight SaaS into Large Enterprise Healthcare as Core Commercial Goal

Enlitic identified the primary commercial driver for the capital raise as expanding its Ensight SaaS-based medical imaging solution into large enterprise healthcare settings. The company plans to pursue growth through direct end-customer engagement and via its growing Original Equipment Manufacturer (OEM) partner channel.

This strategy aims to embed Enlitic’s AI technology within existing radiology and medical imaging workflows at scale. Although SaaS healthcare IT businesses typically focus on recurring revenue metrics such as annual recurring revenue (ARR) and net revenue retention, Enlitic did not disclose current figures for these metrics in this update. Given the competitive and highly regulated nature of the medical imaging AI market, investors will likely watch for announcements of new contracts, enterprise customer wins, and OEM partnership expansions as indicators of commercial progress.

Security Purchase Plan Opens Mid-August 2026 for Retail CDI Holders

Alongside the institutional placement, Enlitic will offer eligible CDI holders in Australia and New Zealand the opportunity to participate in a Security Purchase Plan (SPP) targeting up to ~A$1 million before costs. Eligible participants may apply for up to A$30,000 worth of New CDIs without brokerage or transaction fees. The SPP is expected to open in mid-August 2026 and close in late August or early September 2026.

The SPP price per New CDI will be the lower of A$0.004 (matching the Conditional Placement price) or a 2.5% discount to the volume weighted average price of CDIs traded on ASX during the five trading days before the SPP closing date, rounded to the nearest A$0.001. This pricing may allow retail investors to acquire New CDIs below the placement price if market prices decline during the SPP period. Enlitic reserves the right to scale back applications at its discretion. The SPP is subject to any required ASX waivers and shareholder approval.

Proposed 10:1 Share Consolidation Following Capital Restructure Completion

After completing the Conditional Placement, Convertible Note conversion, and SPP, Enlitic proposes a 10:1 share consolidation (reverse share split), reducing the total number of CDIs by a factor of ten. Each ten existing CDIs would consolidate into one new CDI. Such consolidations typically aim to increase the per-unit trading price to a more conventional range without affecting the total economic value of shareholders’ holdings.

Based on the current placement price of A$0.004 per CDI, the consolidation would theoretically result in a post-consolidation price near A$0.04 per CDI, assuming all other factors remain constant. The company has not provided specific guidance on the expected post-consolidation market price, and immediate share price impacts were unclear at the time of this announcement. Shareholder approval for the consolidation will be sought alongside other resolutions at the EGM.

Extraordinary General Meeting Scheduled for Late July or Early August 2026

The entire capital restructure—including the Conditional Placement, Convertible Note conversion, SPP, and share consolidation—is contingent on shareholder approval. Enlitic expects to hold an Extraordinary General Meeting (EGM) in late July or early August 2026, with a notice to be sent to securityholders in due course. Resolutions will seek approval under ASX Listing Rules 7.1 and 10.11, authorization to amend the company’s certificate of incorporation to increase authorised stock, and approval of Director participation in the placement.

The EGM represents a critical milestone. If shareholders approve all resolutions, Enlitic plans to promptly complete the Conditional Placement and move toward the targeted pro forma cash position of approximately A$18 million. Failure to obtain approval would prevent the placement from proceeding on current terms. Investors are advised to review the company’s Investor Presentation dated 3 July 2026 for detailed assumptions behind the cashflow break-even forecast and associated risks.

Pro Forma Cash Balance of ~A$18 Million Supports Path to Cashflow Break-Even

Upon completion of the Conditional Placement—excluding any funds raised via the SPP—Enlitic expects a pro forma cash balance near A$18 million, combining the placement proceeds with existing cash. The company anticipates these funds will support operations through to cashflow break-even, with CEO Sistenich citing a runway exceeding 12 months.

Achieving cashflow break-even is a key milestone, indicating the business generates sufficient revenue to cover operating costs without additional capital. However, the company highlighted that actual outcomes depend on factors such as Ensight SaaS adoption rates, OEM partnership revenues, and healthcare IT procurement conditions. No specific revenue, ARR, or contract figures were disclosed in this update.

Impact of Capital Restructure on Existing CDI Holders

The issuance of approximately 3,750 million New CDIs under the Conditional Placement—before accounting for Convertible Note conversion and SPP issuance—constitutes a significant increase in total securities outstanding. Existing CDI holders who do not participate in the Conditional Placement will face dilution of their ownership percentage. The SPP is designed to allow retail CDI holders to partially offset this dilution by purchasing New CDIs on terms no less favorable than those offered to placement participants.

The proposed 10:1 share consolidation, if approved, will not alter the economic value of individual holdings but will reduce the number of CDIs outstanding and increase the nominal per-unit price. Together, the Conditional Placement, note conversion, and consolidation form a comprehensive capital restructure. Investors considering SPP participation or evaluating the impact on their holdings should review the full Investor Presentation dated 3 July 2026 and seek independent financial advice as appropriate.