Appen Successfully Completes AU$30 Million Equity Raising

Highlights:

• This equity-raising initiative, totaling AU$30 million, represents a significant milestone for Appen.
• The Placement, set at an offer price of AU$0.55 per share, generated approximately AU$6 million, issuing around 11.6 million new shares.
• Eligible retail shareholders are urged to review the Retail Offer Booklet, expected to be lodged with the ASX on November 29, 2023

Image Source: Kapitales Research

Appen Limited (ASX: APX) announces the successful conclusion of its fully underwritten institutional placement and the institutional component of its accelerated non-renounceable entitlement offer for new fully paid ordinary shares. This equity raising initiative, totaling AU$30 million, represents a significant milestone for Appen.

Placement and Institutional Entitlement Offer Results

The Placement, set at an offer price of AU$0.55 per share, generated approximately AU$6 million, issuing

around 11.6 million new shares. The Institutional Entitlement Offer, with a take-up rate of approximately 60%, involved the issuance of about 11.5 million new shares, raising another AU$6 million.

Next Steps: Retail Entitlement Offer

The Retail Entitlement Offer, targeting eligible retail shareholders in Australia and New Zealand, will open on November 29, 2023, and close on December 8, 2023. Shareholders can opt to take up, partially take up, or decline their entitlements at the same offer price as the institutional offer.

Equity Raising Timetable Highlights

The timetable for the equity raising includes key events such as the settlement of new shares on December 1, 2023, and the commencement of trading on December 4, 2023. The Retail Entitlement Offer is set to close on December 8, 2023, with subsequent settlements and allotments.

Important Information for Retail Shareholders

Eligible retail shareholders are urged to review the Retail Offer Booklet, expected to be lodged with the ASX on November 29, 2023, paying particular attention to risk factors. Payments for those participating in the Retail Entitlement Offer are due by 5:00 pm (Sydney time) on December 8, 2023.

Indicative Timetable and Further Detail

The indicative timetable provided is subject to change, and Appen reserves the right to amend it in compliance with the Corporations Act 2001 (Cth) and ASX Listing Rules. Further information, including key risks, can be found in the investor presentation lodged with the ASX on November 21, 2023.