Atomo Diagnostics Launches $3.1 million Capital Raise Amid Strategic Overhaul

Highlights:

• At the time of writing, Atomo Diagnostics Limited (ASX: AT1) is raising up to $3.1 million via placement and share purchase plan.
• New shares priced at $0.0185 per share come with free unlisted options, subject to shareholder approval.
• Funds will support working capital as the company restructures its board and operations for long-term growth.

Funding drive supported by shareholders; board and operational restructure announced

Atomo Diagnostics Limited (ASX: AT1) has announced a fresh capital raise of up to $3.1 million to support its business operations and realign its strategy, at the time of writing. The move comes as part of a broader restructure aimed at enhancing cost efficiency and strengthening governance.

$3.1 Million Capital Raise to Bolster Working Capital

Atomo is undertaking a two-part capital raising initiative comprising a $2.1 million share placement and a $1.0 million share purchase plan (SPP). The placement, which has already secured strong support from existing investors, involves issuing approximately 112 million new fully paid ordinary shares at $0.0185 per share. Each share includes one free unlisted option exercisable at $0.04 within three years, subject to shareholder approval.

The placement is divided into two tranches:

• Tranche 1 will raise approximately $833,000 from 45 million shares, under the company’s current placement capacity.
• Tranche 2, pending shareholder approval, will bring in a further $1.28 million via 67 million shares.

The SPP, open to eligible shareholders in Australia and New Zealand, allows investments of up to $30,000 at the same price as the placement, with corresponding free options.

Shareholder Support and Governance Renewal

The capital raise is underpinned by strong shareholder backing and includes participation from key directors. Managing Director John Kelly has committed to subscribing for the SPP’s maximum allowance. Proceeds will be used primarily for working capital, with specific allocations to follow the board renewal.

While new shares will be quoted on the ASX, options issued through both the placement and SPP will remain unlisted.

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