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(Sharecast News) - Clinical diagnostic solutions business Renalytix has launched a retail offer via the Winterflood Retail Access Platform to raise up to 500,000 through the issue of new ordinary shares at 9.5p apiece.
The offer, which was open to existing UK shareholders and eligible investors, will run until 25 September and was conditional on the completion of a separate placing to raise a minimum of 4.0m, also at 9.5p per share. Both the placing and the WRAP offer are subject to admission to trading on AIM, expected to take effect on 29 September.
Renalytix said on Monday that the placing price represents an 11.6% discount to its closing mid-market price of 10.75p on 19 September, but a 39% premium to its 90-day average. It also said proceeds from both fundraises would be used in the same way, though no prospectus will be issued under the WRAP offer.
The AIM-listed firm added that the move reflected its commitment to retail shareholders and would allow broader participation in its capital raise. Investors must subscribe a minimum of 500 to take part, with shares ranking pari passu with existing stock.
As of 1125 BST, Renalytix shares were up 2.79% at 11.05p.
Reporting by Iain Gilbert at Sharecast.com
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