Eden Innovations (ASX:EDE) extends the closing date for its capital raise, citing COVID-19 disruptions
  • 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.


EDE by the numbers
More From The Market Herald
IODM (ASX:IOD) says it will not be impacted by new COVID-19 restrictions

" IODM (ASX:IOD) says it will not be impacted by new COVID-19 restrictions

Australian accounts receivable solution IODM (IOD) has said it will not be impacted by the new COVID-19 restriction in Victoria.
MSL Solutions (ASX:MPW) - CEO, Pat Howard - The Market Herald

" MSL Solutions’ (ASX:MSL) share price soars on Openpay (ASX:OPY) agreement

MSL Solutions (MSL) was up more than 30 per cent today after signing a revenue-sharing agreement with Openpay (OPY).
4DS Memory (ASX:4DS) - Managing Director & CEO, Dr Guido Arnout - The Market Herald

" 4DS Memory (ASX:4DS) granted three more U.S. patents

4DS Memory (4DS) has been granted three additional patents by the U.S. Patent and Trademark Office.
Archer Materials (ASX:AXE) - CEO, Mohammad Choucair - The Market Herald

" Archer Materials (ASX: AXE) advances South Korean patent

Archer Materials (AXE) is advancing it’s Republic of Korea patent application for its12CQ quantum computing chip technology.