- ASX and TSX listed Company Orocobre Limited disclosed the successful completion of its SPP by raising almost A$43 million, which is A$13 million above from its original target.
- ASX 300 listed PointsBet Holdings Limited disclosed the completion of its retail shortfall bookbuild that concludes the fully underwritten 1 for 6.5 pro-rata accelerated renounceable entitlement offer.
- Opthea, an Australian healthcare player, files the registration statement for its US IPO.
Several factors can affect the share price of a Company. Some of them include some latest news and financial performance of the Company, industry trends, sentiments, economic aspects, along with unexpected events like natural catastrophes. Essentially, Any information around a Company can have an impact on its share price.
Let us familiarise you with the latest news from ASX 300 listed companies that had an impact on the share price.
Let us dig deeper and discuss 3 ASX listed players- Orocobre, Pointsbet, Opthea.
Orocobre Completes SPP at A$43 million
ASX and TSX-listed mineral resource company Orocobre Limited (ASX:ORE) is a dynamic global lithium carbonate producer as well as a well-known manufacturer of boron. The interests of Orocobre include its Northern Argentina based Olaroz Lithium Facility, a material JORC Resource in the adjacent Cauchari Basin and an established boron minerals & refined chemicals producer Borax Argentina.
On 25 September 2020, Orocobre Limited disclosed the successful completion of its SPP (Share Purchase Plan), which was closed on 22 September 2020. The Company revealed that it had completed its SPP approximately A$13 million above from its original target of A$30 million.
Orocobre stated that the SPP was open to 10,742 eligible shareholders, and the Company received 2,469 eligible shareholders’ applications indicating a participation rate of 23%. The average application amount was nearly A$17,000.
With this SPP the Company raised almost A$43 million and will issue nearly 17 million New Shares on 1 October 2020 that are expected to trade from 2 October 2020.
Orocobre shareholders showed reliable support after the successful completion of the oversubscribed A$126 million share placement to institutional investors revealed to the Australian Securities Exchange (ASX) on 28 August 2020.
The funds raised from this SPP shall be used to support Olaroz Stage 1 ramp-up along with Stage 2 development via various operating & pricing environments, and capital for upcoming growth programs.
Stock Information- On 25 September 2020, ORE shares closed the day’s trade at A$2.520, down by 1.176% with a market capitalisation of A$834.2 million. The Company has almost 327.14 million shares trading on the ASX.
PointsBet Disclosed Completion of Retail Shortfall Bookbuild
ASX 300 listed company PointsBet Holdings Limited (ASX:PBH) is a corporate bookmaker with its operations across Australia and the US. The Company has established a scalable cloud-based wagering program by which it provides innovative sports & racing wagering products to its clients. The product offering of PointsBet includes Fixed Odds Racing, Fixed Odds Sports, as well as PointsBetting.
On 25 September 2020 PointsBet Holdings Limited disclosed the completion of its retail shortfall bookbuild that concludes the fully underwritten 1 for 6.5 pro-rata accelerated renounceable entitlement offer, along with retail rights trading.
The Retail Entitlement Offer increased gross proceeds of almost A$82.8 million from the issue of 12.7 million new shares of PointsBet at a per New Share issue price of A$6.50. Collectively, with the offer’s institutional component, closed on 8 September 2020, the Company has raised approximately A$153.2 million.
Moreover, the Company also disclosed outcomes of the retail shortfall bookbuild and stated ~1.05 million retail entitlements were offered for sale in the bookbuild. The bookbuild was cleared at a per New Share price of A$10.60, indicating a premium of A$4.10 per New Share above the per New Share offer price of A$6.50.
PointsBet Holdings also disclosed that eligible shareholders & successful participants in the bookbuild would receive one new option for every two shares issued under the offer, without any additional cost. The expiry date of these new options will be 30 September 2022 and are exercisable at A$13.0. The Company stated that new options are anticipated to be quoted on the ASX on or around 2 October 2020.
Stock Information- On 25 September 2020, PBH share price settled the day’s trade at A$10.380, up by 1.965%. The market capitalisation of PointsBet stood at A$1.86 billion, with almost 182.61 million shares.
Opthea Limited Reveals US Initial Public Offering, Intends to Register on “Nasdaq”
ASX 300 listed healthcare player Opthea Limited (ASX:OPT) is into the development of therapy for ophthalmic conditions. The Company is focused on developing OPT-302 for wet age-related macular degeneration and diabetic macular edema. Opthea has exclusive rights for substantial worldwide intellectual property (IP) portfolio for VEGFR-3, VEGF-C, and VEGF-D.
On 25 September 2020, the Company updated the market about its public filing with the US Securities & Exchange Commission relating to a proposed public offering of the American Depositary Shares.
Each of the ADSs would signify one or quite a few ordinary shares of Opthea in the US. Parallel to this projected initial public offering (IPO), OPT also intends to list the American Depositary Shares on Nasdaq. Opthea had applied to list its ADS on Nasdaq under the ticker ‘OPT’.
Stock Information- On 25 September 2020, OPT shares last quoted at A$2.870, up by 1.056%. With a market capitalisation of A$764.41 million, the Company has 269.16 million shares.
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