Renalytix plc successful completion of $30.0 million financing package
April 11, 2022
NEW YORK and SALT LAKE CITY, April 08, 2022 (GLOBE NEWSWIRE) — Renalytix plc (NASDAQ: RNLX) (LSE: RENX) is pleased to announce the successful completion of (i) an $8.8 million equity subscription (the “Equity Fundraise“) and (ii) a subscription for convertible bonds with an aggregate principal amount of $21.2 million (the “Convertible Bonds Fundraise”) each of which were announced on 31 March 2022 (the “31 March Announcement”), raising aggregate gross proceeds of $26.8 million for the Company (the Equity Fundraise and the Convertible Bonds Fundraise together, the “Fundraise”).
The Equity Fundraise consisted of subscriptions for 2,221,794 Ordinary Shares (“New Ordinary Shares“) and 103,447 American Depositary Shares (“ADSs”) (the “New ADS“), at a price of $7.25 per ADS (the “Reference ADS Price“) or $3.625 per Ordinary Share, equivalent to approximately 276 pence per Ordinary Share.
Following the completion of the Equity Fundraise and the satisfaction of the customary conditions precedent, the Convertible Bonds Fundraise has also completed.
The net proceeds of the Fundraise will be used for general working capital purposes and to support expected company growth.
Further details of the Fundraise is set out in the 31 March Announcement.
Director and Senior Management Participation
Additionally, the directors of the Company (the “Directors“) and certain of its persons discharging managerial responsibility (“PDMRs”) as defined under Regulation (596/2014/EU) as it forms part of domestic law in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018, as amended, including certain senior managers, have conditionally subscribed for a total of 703,446 New Ordinary Shares raising an aggregated total amount of $2.55 million at the Reference ADS Price pursuant to the Equity Fundraise.
Christopher Mills, Non-Executive Chairman, and his related parties subscribed for a total of 551,724 New Ordinary Shares at $3.625 per Ordinary Share. Following completion of the purchase, Christopher Mills and his related parties are interested in 9,726,125 Ordinary Shares representing 13.0% of the current issued share capital of the Company.
Ann Berman, Non-Executive Director, subscribed for a total of 27,586 New Ordinary Shares at $3.625 per Ordinary Share. Following completion of the purchase, Ann Berman is interested in 39,586 Ordinary Shares representing 0.05% of the current issued share capital of the Company.
Timothy Scannell, Non-Executive Director, subscribed for a total of 68,964 New Ordinary Shares at $3.625 per Ordinary Share. Following completion of the purchase, Timothy Scannell is interested in 68,964 Ordinary Shares representing 0.09% of the current issued share capital of the Company.
Thomas McLain, President, subscribed for a total of 55,172 Ordinary Shares at $3.625 per Ordinary Share. Following completion of the purchase, Thomas McLain is interested in 59,150 Ordinary Shares representing 0.08% of the current issued share capital of the Company.
Stifel Nicolaus Europe Limited (“Stifel“) acted as Nominated Adviser and Sole Financial Adviser and Sole Placement Agent in connection with the Fundraise.
See Full Article Here »