Opthea completes 1 for 1.22 accelerated non-renounceable entitlement offer

Opthea announced the completion of the fully underwritten retail component of its 1 for 1.22 pro-rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Opthea which opened on Wednesday June 19. The retail entitlement offer closed at 5:00pm Melbourne time on Wednesday, July 10, raising approximately A$55.9M, or $36.9M. Eligible retail shareholders took up approximately 18.3M new shares, representing a total take-up rate of approximately 13.1%. Shortfall new shares under the retail entitlement offer will be subscribed for by the underwriter to the retail entitlement offer, MST Financial Services Limited, or sub-underwriters, in accordance with the arrangements described in the Prospectus lodged with ASX on Wednesday, June 12. Completion of the retail entitlement offer represents the final stage of Opthea’s approximately A$227.3, or $150M capital raising. The institutional placement and institutional component of the entitlement offer was successfully completed on Friday June 14, raising gross proceeds of approximately A$171.5M, or $113.2M. The new shares to be issued under the retail entitlement offer will rank equally with existing Opthea fully paid ordinary shares in all respects from their date of issue. The new shares under the retail entitlement offer are expected to be issued on Wednesday July 17 and commence normal trading on Thursday July 18. Participants in the placement and entitlement offer were also offered one option, each exercisable at A$1.00 per option and expiring at 5:00pm on June 30, 2026, for every three new shares subscribed under the placement and entitlement offer. A total of approximately 189.4M new options will be issued in connection with the placement and the entitlement offer. The new options are expected to be issued on Wednesday, July 17 and commence normal trading on Thursday July 18.