Control Bionics Ltd. (AU:CBL) has released an update.
Control Bionics Ltd. is launching a 1-for-7 non-renounceable rights issue to raise approximately $2.093 million at 7 cents per share, which will fund growth initiatives including the commercialization of NeuroStrip and the rollout of DROVE. The offer is not fully underwritten, with partial underwriting at $0.85 million, and it aims to build on recent regulatory approvals and advance distribution in Europe. Shareholders have the opportunity to apply for additional shares beyond their entitlement, with the final acceptance due by 5pm Sydney time on 9 October 2024.
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