ReadCloud Limited Announces Fully-Underwritten Entitlement Offer

ReadCloud Limited (ASX: RCL) has unveiled plans for a fully underwritten entitlement offer to raise AU$1.46 million. The offer, available to eligible shareholders in Australia and New Zealand, entails one new fully paid ordinary share for every five shares held, accompanied by one free attaching unlisted option for every two new shares subscribed for and issued. These funds will primarily bolster marketing, business development, and intensified sales activities.

In the fiscal year 2024, the company's objective is to attain positive EBITDA and generate positive operating cash flow. The offer price carries a discount of 19.0% to the 10-day Volume-Weighted Average Price (VWAP) and 8.6% to the 20-day VWAP of the company's shares. Eligible shareholders can opt for more New Shares and New Options, while Shortfall Securities will be allocated at the Directors' discretion in consultation with the Underwriter.

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