Percheron Therapeutics (ASX:PER) has lodged a prospectus for a pro-rata non-renounceable bonus offer of unquoted options to acquire loyalty options to eligible shareholders.
The offer is of one loyalty option for every 10 shares held. The loyalty options have an exercise price of $0.035 and will expire three years from the issue date.
Percheron said in a statement to investors, "The Board of Directors recognise that the past five months have been an exceptionally challenging time for the Company’s shareholders. In December 2024, the Company disclosed a negative read-out from the phase IIb clinical trial of avicursen (ATL1102) in Duchenne muscular dystrophy. This was followed by two attempts from certain shareholders to seize control of the Board, both of which were successfully defeated. Given a number of previous holders have since left the register, the Board believes the Company owes a debt of gratitude to those that have chosen to remain."
It said, "The Board is working hard to restore the Company’s value and, if those efforts are successful, the Loyalty Options will provide shareholders an additional upside on their investment in the Company," adding, "Funds received by the Company from the exercise of Loyalty Options are expected to be used to fund the development of future programs that the Company intends to in license or acquire, paying the costs of the Offer, and for general working capital purposes."