Genetic Technologies launches US$2 million share offering to fund expansion and innovation

Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) is targeting gross proceeds of around US$2 million from a share offering announced today, before deductions. Suite of strategic initiatives planned The funds raised are earmarked for several strategic initiatives. These include: enhancing revenue and supporting sales via a new digital strategy and consumer-initiated platforms; promoting the commercialisation of the GeneType Multi Risk test across business-to-business channels in the US; expanding market presence in Europe and Southeast Asia; launching the innovative Comprehensive Hereditary Breast and Ovarian Cancer Risk Test; funding research and development for new product offerings; and providing for general corporate purposes and working capital. Share plan and placement The genomic biotech is set to offer 1,000,000 American Depositary Shares (ADSs) at a price of US$2.00 per ADS. These shares may be represented directly or through pre-funded warrants equivalent to thirty ordinary shares each. Concurrently, Genetic Technologies will initiate a private placement to issue warrants for purchasing up to an additional 1,000,000 ADSs, also priced at US$2.00 each. These warrants can be exercised immediately and will remain valid for five years post-issue. The expected closure date for this offering is April 22, 2024, contingent upon customary closing conditions. This capital raise does not require further shareholder approval, following consent obtained during the company’s Extraordinary General Meeting on March 20, 2024. H.C. Wainwright and Co is the exclusive placement agent for this transaction.