Avacta has undertaken a conditional placing (‘the Placing’) of 10.83m new shares raising £3.25m (gross) at 30p each (being a discount of c.7.7% the closing price on 16 July 2025) from long term, high net worth investors. Admission of the new shares is expected to take place on or around 24 July 2025. The net proceeds of approximately £3.1m will be used effectively to settle the July quarterly repayment of the unsecured convertible bond issued to a fund advised by Heights Capital Ireland LLC in 2022, for which £25.5m principal remained outstanding. Yesterday’s funding route presents the Group with greater commercial and funding solution optionality, as it enters a pivotal period with multiple catalysts over the coming months. It was selected as a preferred alternative to depleting the Group’s existing cash resources, or otherwise satisfying in shares based on repayment at a 10% discount to the volume weighted average price ('VWAP') in the five-or-ten day trading period prior to election date.
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