MELBOURNE, AUSTRALIA, April 23, 2024 (GLOBE NEWSWIRE) — Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE, Company, GTG or Genetic Technologies) is a guide-driven company in the health, wellness and , a global leader in testing for genomics and serious diseases, today announced the closing of its previously announced registered offering to purchase and sell 1,000,000 American Depositary Shares (ADS) (or alternative ADS equivalents), with each share representing thirty (30) shares of the Company. The common shares are trading at an issuance price of $2.00 per ADS.
In addition, in a concurrent private placement, the Company issued unregistered warrants (warrants) to purchase up to 1,000,000 American Depositary Shares. The warrants have an exercise price of US$2.00 per ADS, are exercisable upon issuance, and will expire five years after issuance.
This financing does not require shareholder approval, as this financing is based on shareholder approval at the company’s extraordinary general meeting of shareholders held on March 20, 2024.
HC Wainwright & Co. is acting as the exclusive placing agent for the offering.
The Company’s total proceeds from this offering were approximately US$2 million, before deducting placement agent fees and other issuance expenses payable by the Company. The company intends to use the net proceeds from this issuance to:
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Grow revenue and support our sales and marketing initiatives through recently launched digital strategies through consumer-initiated platforms;
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Drive sales and support commercialization of the GeneType Multi Risk test through B2B channels with U.S. health systems and employers;
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Expand new markets in Europe and throughout Southeast Asia;
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Executed sales and marketing efforts to launch the world’s first comprehensive hereditary breast and ovarian cancer risk test as part of our germline genetic testing division;
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To fund product development for newly announced comprehensive risk testing; and
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For other working capital and general corporate purposes.
The securities described above (but excluding the warrants issued in the private placement and the American depositary shares underlying the warrants) were purchased by the Company pursuant to a shelf registration statement previously filed with the Company on Form F-3 (File No. 333-276168) On sale. made, including the prospectus supplement, which forms part of the effective registration statement. A final prospectus supplement and accompanying prospectus related to the registered direct offering have been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting HC Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022), call (212) 865-5711 or email placements@hcwco.com.
The warrants described above were issued in a concurrent private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the Securities Act) and Regulation D promulgated thereunder, and with respect to the warrants, the U.S. The depositary shares have not been registered under the Securities Act or applicable state securities laws. Accordingly, the Warrants and related ADSs may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be made prior to the date hereof. Unlawful.
Published with the authorization of the Board of Directors of Genetic Technologies Limited.
Inquire
Simon Morris
CEO
Genetic Technologies Ltd.
Email: investors@genetype.com
About Genetic Technologies Ltd.
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based testing for health, wellness and serious disease through its geneType and EasyDNA brands. GTG provides cancer prediction tests and assessment tools that help doctors improve health outcomes for people around the world. The company has a proprietary risk stratification platform developed over the past decade that integrates clinical and genetic risk to provide actionable results for physicians and individuals. Genetic Technologies is a world leader in risk prediction for oncology, cardiovascular and metabolic diseases and continues to develop risk assessment products. For more information, please visit www.genetype.com.
forward-looking statements
This press release may contain forward-looking statements regarding the Company’s expectations, beliefs or intentions, including statements regarding the anticipated use of proceeds. In addition, the Company or its representatives make or may make oral or written forward-looking statements from time to time. Forward-looking statements can be identified by the use of forward-looking words such as believe, expect, intend, plan, may, should or anticipate or the negative thereof or other variations of these words or other similar words, or by the fact that these statements Not strictly related to historical or current affairs. These forward-looking statements may be contained in, without limitation, various documents filed by the Company with the Securities and Exchange Commission, press releases or oral statements issued by or approved by one of the Company’s authorized executive officers. Forward-looking statements relate to events, activities, trends or results that are expected or expected as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements inherently involve risks and uncertainties that could cause the Company’s actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company’s actual activities or results to differ materially from those anticipated in such forward-looking statements contained in the Company’s filings with the Securities and Exchange Commission in the United States and periodic filings with the Australian Securities Exchange in Australia. The risks and risk factors contained therein are detailed in the document. In addition, the Company operates in an industry in which the value of securities is highly volatile and may be affected by economic and other factors beyond its control. Except as required by law, the Company undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
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