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Renalytix PLC - London-based diagnostics company focused on the management and testing of kidney disease through its KidneyIntelX platform - Announces direct offer of shares at a purchase price equivalent to $0.75 per NASDAQ American Depositary Share, or $0.375 per common stock share, to DB Capital Partners Healthcare LP, an investor focused on innovative medical technology. Says the fundraise was conducted by way of a securities purchase agreement, consisting of an initial tranche of 2.7 million shares for $1.0 million, and an optional subsequent tranche. If the optional tranche is exercised, Renalytix expects the total amount of financing to reach $4 million. The price of $0.375 per ordinary share represents a premium of roughly 4.1% to the company’s closing price on Friday. Renalytix says the net proceeds of the fundraise will be used to support commercial sales activity as the company pursues its formal sales process. In early March, Renalytix received an unsolicited approach from a potential strategic acquirer, which is in the process of evaluating an all-share acquisition of the company. As a result, Renalytix has commenced a review of its available options, and has begun engaging more widely with parties interested in purchasing the company. No formal offer has been announced by Renalytix. Current stock price: 29.55 pence per share, up 3.7% in London on Monday 12-month change: down 66% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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