Cell therapy company AdAlta (ASX:1AD) is undertaking a two-for-three renounceable rights issue at 0.3 cents per share to raise up to approximately $1.3 million.
The company said eligible shareholders may apply for two new ordinary shares for every three held at the record date. For every two new shares subscribed, eligible shareholders will receive one free attaching new option with an exercise price of 1.0 cents and a term of three years from their issue.
The rights issue price represents a 50 per cent discount to the company’s last close of 0.6 cents and 50.8 per cent to its 15-day volume-weighted average price of 0.61 cents. The company said the rights issue is currently expected to close on Friday, 23 May 2025.
The company said the funds raised will be used to advance business development for its 'east to west' cell immunotherapy strategy by finalising the first CAR-T in-licensing agreement and to evaluate strategic options for other assets.
AdAlta CEO and managing director Tim Oldham said, “We have made significant progress creating opportunities for our 'East to West' cellular immunotherapy strategy and options for our historical assets. This fundraising will significantly assist in realising these opportunities and evaluating other strategic options for our company. We look forward to continued shareholder support as we work to unlock the value in our business for shareholders.”