AUCyber (ASX:CYB) is set to raise AU$2.8 million through a renounceable, non-accelerated entitlement offer, according to a Thursday filing with the Australian bourse.
Eligible shareholders may subscribe to one new share for every 3.57 shares held as of March 26 at an issue price of AU$0.06 per new share, the filing stated. The capital raise includes a shortfall offer.
The offer price is an almost 25% discount to the five-day volume-weighted average price of the company's shares. Morgans Corporate is the manager of the entitlement offer.
5G Networks (ASX:5GN) plans to take up its full entitlement, but will not participate in the shortfall, per the filing. This means 5G Network's voting power in AUCyber could increase to up to 91.757%, assuming no other shareholders participate outside the pre-commitments and shortfall entitlements and shortfall shares are not taken up, the filing said.
In that event, 5GN would have the option to compulsorily acquire the remaining AUCyber shares under the Corporations Act.
The offer will close on April 8.
AUCyber's shares surged 24% in recent trade.
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