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LONDON - Clean Power Hydrogen plc (AIM:CPH2), a UK-based green hydrogen technology company, announced Thursday a retail offer to raise up to £300,000 through the issuance of up to 6 million new ordinary shares priced at 5 pence each.
The retail offer is part of a larger fundraising initiative that includes a conditional placing and subscription to raise £7 million, as announced separately by the company. The issue price represents a discount of approximately 2 percent to the closing mid-market price of 5.1 pence per share on August 27.
The retail offer opens at 5:00 p.m. on Thursday and is expected to close at 4:30 p.m. on September 3, though it may close early if oversubscribed. Existing retail shareholders in the United Kingdom can participate through their brokers or wealth managers.
CPH2, which has developed a proprietary Membrane-Free Electrolyser technology, stated that proceeds from the retail offer will be utilized in the same way as the proceeds from the placing and subscription.
The fundraising is conditional upon shareholder approval at a general meeting scheduled for September 18 at the offices of K&L Gates LLP in London. If approved, the new shares are expected to be admitted to trading on the AIM market of the London Stock Exchange on September 22.
The company noted that while the retail offer is conditional upon completion of the placing and subscription, the placing and subscription are not dependent on the retail offer’s completion.
According to the press release statement, the company is making the retail offer available to acknowledge the support it has received from its retail shareholder base since its IPO.
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