Genedrive draws down £0.3m under equity prepayment facility
Genedrive
5.38p
16:49 26/04/24
Molecular diagnostics company Genedrive announced the latest drawdown of £0.3m under its £5m equity prepayment facility on Wednesday.
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The company initially announced the facility on 31 March.
As part of the drawdown, Genedrive said it would issue 724,997 warrants to investors, equivalent to 40% of the drawdown divided by the reference price, which stood at 16.55178p.
The warrants would have an exercise price of 140% of the reference price, amounting to 23.172492p.
Genedrive's equity prepayment dacility provides the company with a means to secure financing while minimising potential dilution for existing shareholders.
At 1358 BST, shares in Genedrive were down 4.48% at 16p.
Reporting by Josh White for Sharecast.com.