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EBR Systems Completes Placement, Entitlement Offer; Shares Hit Near 18-Year Low

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EBR Systems (ASX:EBR) completed the fully underwritten placement and institutional component of its 1-for-2 accelerated non-renounceable entitlement offer of new Chess depositary interests, according to a Friday filing with the Australian bourse.

The placement raised roughly AU$64.4 million, comprising AU$29.4 million to be raised under tranche one and AU$35 million to be raised under tranche two, subject to security holder approval, the filing said.

The institutional entitlement offer raised gross proceeds of AU$42 million, with a take-up of AU$8.4 million by eligible institutional security holders. The remainder of the institutional entitlements being AU$33.6 million were placed to eligible institutional and sophisticated investors as part of the bookbuild.

The retail entitlement offer to raise a further AU$43.6 million will open on June 11, per the filing.

Shares fell 18% in morning trade Friday and earlier hit their lowest since July 2008.

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