Spenda Limited (ASX:SPX), an innovative software company providing workflow software, embedded finance and payment solutions across supply chains and trading networks, has successfully completed the institutional component of its $8.545 million pro-rata accelerated renounceable entitlement offer. The Sydney-based firm announced today that it raised approximately $1.8 million in gross proceeds through the institutional entitlement offer, which is a key part of its broader capital raising initiative. This first stage of the Entitlement Offer aims to recapitalise the company and support its turnaround strategy.
The institutional component, which closed on Tuesday, 9 June 2026, saw a strong response, particularly from new institutional investors and family offices. While eligible institutional shareholders took up entitlements worth $50,000, the remaining 450,000,000 entitlement shares, equating to $1.8 million, were successfully placed through an institutional shortfall bookbuild process. These shares were issued at the offer price of $0.004 per share, with a free attaching option exercisable at $0.006 and expiring on 30 June 2031. Spenda’s shares are expected to resume normal trading on the ASX today, 10 June 2026, on an ex-entitlement basis.
The capital raised from the Entitlement Offer is earmarked for several strategic purposes, including meeting working capital requirements, supporting product development and delivery, providing flexibility for further operational restructure and cost optimisation initiatives, and materially reducing the company’s debt position. This includes the retirement of secured finance debt and the reduction of other operating liabilities. Following the successful institutional phase, Spenda is now preparing for the retail component of the offer, seeking to raise an additional $6.695 million. The Retail Entitlement Offer will open on Tuesday, 16 June 2026, and is scheduled to close on Friday, 26 June 2026, offering eligible retail shareholders the opportunity to subscribe for new shares at the same price and terms as the institutional offer.
