Ovanti Limited (ASX: OVT) has announced a pro-rata non-renounceable entitlement offer to raise up to A$5,403,095 before expenses. The offer allows eligible shareholders to purchase one new share for every two existing shares held, at a price of $0.004 per share. This represents a 20% discount to the last closing price of $0.005 on April 9, 2025. The record date for determining entitlements is set for April 15, 2025, with the offer closing on May 2, 2025.
The offer is extended to eligible shareholders in Australia, New Zealand, and Malaysia. Shareholders outside these regions will not be able to participate, due to administrative complexities and the small number of overseas shareholders. The maximum number of new shares that may be issued is 1,350,773,927, ranking equally with existing shares. Ovanti will apply for official quotation of the new shares on the ASX.
The entitlement offer includes a shortfall facility, allowing eligible shareholders who take up their full entitlement to apply for additional shares. Allocation of shortfall shares will be at the company’s discretion. The offer is not underwritten. Proceeds from the offer will be used for general working capital and to cover the costs of the offer itself.
Ovanti, a fintech and digital commerce solutions provider, intends to use the raised capital to support its operations, including its expansion into the U.S. buy now, pay later (BNPL) market. The company’s core business revolves around providing secure authentication and transaction processing services to institutional clients, primarily in the mobile banking and digital payments sectors across Malaysia and Indonesia.
