- Eden Innovations (EDE) has had to extend the closing date of its share purchase plan (SPP), citing COVID-19 related setbacks
- The SPP was announced on June 19, and aimed to raise $5 million in capital through the issue of over 178 million new shares at a price of 2.8 cents each
- However, the company said today that a second wave of COVID infections had spooked investors and also delayed their application forms from arriving
- The SPP is now due to close on July 22, though the extension may be changed again
- Shares in Eden closed up 3.7 per cent at 2.8 cents per share
Clean technology company Eden Innovations (EDE) has extended the closing date of its share purchase plan (SPP), citing COVID-19 related setbacks.
Eden announced the SPP on June 19, with an aim to raise around $5 million in capital through the issue of more than 178 million new shares.
The new shares are priced at 2.8 cents each, and the plan was due to close today, July 10.
However, the company said in a release today, the directors had decided to extend the closing date by a further eight business days, to July 22.
Eden said the extension was ‘due to the impact of COVID-19’ and the closing date could be changed again.
In particular, the company blamed the re-introduction of lockdowns in Melbourne, which it said disrupted the Australian market.
It also blamed wider COVID-19 related restrictions across Australia for delaying application forms from being received by shareholders.
Following the extension to the closure date, other key dates relating to the SPP have also been changed.
Eden said new shares purchased by eligible shareholders as part of the SPP will now be issued on July 27, while the dispatch of holding statements will commence on July 31.
The funds raised from the SPP will be used to top-up the company’s working capital.
Shares in the company closed up a slight 3.7 per cent, at 2.8 cents each today, July 10.