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Highlights
- Together with the placement of AU$5 million, Cynata has been able to raise total proceeds of AU$7 million
- Valid applications were received by CYP for AU$2.05 worth of new shares under SPP, meaning oversubscription by ~AU$0.05 million
- Proceeds are intended to be deployed in clinical trial (Phase 2) in acute graft-versus-host disease and working capital
Cynata Therapeutics (ASX: CYP) -- developing the Cymerus™ technology in the field of stem cell and regenerative medicine -- has informed about successful completion of an oversubscribed share purchase plan (SPP). The closing date of Cynata's SPP was 8 May 2023, with valid applications received for AU$2.05 worth of shares. Together with the Placement of AU$5 million (announced on 6 April 2023), Cynata has raised total proceeds of AU$7 million.
The SPP offered the existing and eligible CYP shareholders to subscribe for a maximum of AU$30,000 worth of new shares. More details on the fund raising exercise through SPP are below.
SPP Details
Cynata had announced the SPP (meant to raise a maximum of AU$2 million) in conjunction with the Placement. Under the former arrangement, shares were offered at the lower of the Placement Offer Price (AU$0.215). Under the SPP, valid applications were received by Cyanta Therapeutics for AU$2.05 worth of new shares (oversubscription by approximately AU$0.05 million).
Notably, the above mentioned price mechanism meant that the price of SPP shares was AU$0.155. This price represented a 2.5% discount as compared to the volume weighted average price over the five trading sessions up till the closing date (rounded to nearest half cent). Cynata’s Board has determined to apply an equal scale-back of applications, which would mean that every applicant would get approximately 97.63% of the new shares.
Options
The issue of Options is subject to approval by shareholders in the 25 May 2023 scheduled General Meeting. In the event of approval being granted, the issue (CYP expects to issue over 6.4 million Options) would take place on 31 May 2023.
CYP shares on ASX traded 3% up, at AU$0.165 per share, on 10 May 2023.