Ovanti (ASX:OVT) secured firm commitments for a $5.3 million capital raising to bolster its strategic growth in the global buy now, pay later sector and the development of its integrated "Super App".
The company-led placement, targeted at sophisticated and professional investors, involves the issuance of approximately 520.3 million new fully paid ordinary shares at a price of $0.010128 per unit.
The issue price represents a significant 40.4% discount to the company's last closing price on 14 April 2026 and a 15% discount to the five-day volume-weighted average price.
The infusion of capital is earmarked for several high-priority initiatives, including the integration of advanced AI-driven functionality designed to enhance user experience.
The funds will facilitate the expansion of Ovanti’s merchant network and the pursuit of both vertical and horizontal growth opportunities.
Of the total raise, $5 million is being issued following shareholder approval granted on March 30, while the remaining $270,000 falls under the company’s existing placement capacity as per ASX Listing Rule 7.1.
Furthermore, the placement includes a sweetening deal for participants: one free attaching option for every two shares subscribed, subject to further shareholder approval.
The options carry an exercise price of $0.025 and a four-year expiry term.
At the time of reporting, Ovanti’s share price was $0.019.