Bubs Australia raised $3.4 million from its share purchase plan, supplementing its recent $14 million share placement.
The share purchase plan permitted eligible shareholders to buy up to $30,000 worth of new shares at 12.5 cents per share, with no brokerage, commission, or transaction fees.
27 million shares will be issued and will be released on Dec. 22 with trading beginning five days later.
Funds raised will be used to accelerate growth in the US and pursue growth and permanent access to the US infant formula market.