Company intends to raise up to A$10 million through capital raising
By Devika Patel
Knoxville, Tenn., Sept. 7 - Avita Medical Ltd. said it settled an oversubscribed $4.3 million initial tranche of a private placement of stock. The capital raising, for up to A$10 million, includes a share purchase plan. The company also plans a second tranche of the placement.
The company is selling common shares at $0.12 apiece. The per-share price represents a 95.71% discount to the Sept. 6 closing share price of $2.80.
Based in Nedlands, Australia, Avita is a biomedical company that develops and distributes tissue-engineered products for the treatment of wounds and other skin defects.
| Issuer: | Avita Medical Ltd.
|
| Issue: | Common stock
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| Amount: | $4.3 million
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| Price: | $0.12
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| Warrants: | No
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| Settlement date: | Sept. 7
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| Stock symbol: | OTCBB: AVMXY
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| Stock price: | $2.80 at close Sept. 6
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| Market capitalization: | $31.03 million
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