-- Share Purchase Plan inundated with shareholder demand with over $2.5 million in subscriptions already received.
-- Offer increased to $2 million and close early and subscriptions already received will be subject to a scale-back.
-- Funds to be used to fund manufacturing of components for the CAR19-iNKT cell therapy, to perform preclinical studies for DKK1-CAR-iNKT, as well as for general working capital purposes.
MELBOURNE, AUSTRALIA 21 February 2022: As announced on January 24 2022, Arovella Therapeutics Ltd (ASX: ALA) is conducting an offer of new shares (“SPP Shares”) by way of an underwritten Share Purchase Plan to raise a target amount of $1.5 million from existing shareholders with a registered address in Australia and New Zealand (as at 7pm Sydney time) on 21 January 2022, and who are not in the United States or acting for the account or benefit of a person in the United States (“SPP”) (“Eligible Shareholders”).
The Company is pleased to advise that it has been quickly inundated with subscriptions for the Company’s SPP.
The Company advises that it has already received subscriptions in excess of the $2.5 million available under the SPP offer and, as a result, the Company has decided to increase the capacity of the SPP to $2 million and it will close the SPP with immediate effect. Subscriptions already received will be subject to a scale-back. As such, the Company advises that any applications received after today (21 February 2022) will not be accepted under the SPP.
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