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Novacyt ( (FR:ALNOV) ) just unveiled an update.
Novacyt has completed a preferential subscription rights issue linked to its recent acquisition of Australian distributor Southern Cross Diagnostics, raising €784,736 through the issue of 1,961,840 new shares at €0.40 each. The raise was heavily oversubscribed, with total demand representing about 125% of the maximum shares available, and included significant participation from the former SCD owner and board member Jean-Pierre Crinelli.
All subscriptions under basic and excess rights were fully satisfied, while oversubscribed unrestricted demand led the board to allocate 1,041,348 remaining shares to Ardenna PTY Ltd, which will hold 1.43% of Novacyt’s enlarged share capital under a 12‑month lock‑in. Net proceeds of around €579,736 will be used to strengthen the balance sheet following the SCD deal, slightly diluting non-participating shareholders and marginally reducing equity per share, but supporting Novacyt’s expansion in the Asia-Pacific diagnostics market.
More about Novacyt
Novacyt S.A. is an international molecular diagnostics company focused on genomic medicine, developing, manufacturing and commercialising molecular assays and instrumentation. It offers integrated end-to-end workflows and services from sample to result across human health, animal health and environmental sectors, with activities spanning clinical diagnostics, next-generation DNA sample preparation platforms and rapid PCR systems.
See more insights into ALNOV stock on TipRanks’ Stock Analysis page.