Genedrive shareholders reject equity financing plan at general meeting

LONDON - Genedrive plc (AIM:GDR), the point of care pharmacogenetic testing company, announced Wednesday that shareholders voted against all resolutions at its General Meeting, blocking a proposed equity financing package that would have extended the company’s funding runway.

According to a company statement, the resolutions failed with approximately 60% of votes cast against each proposal. The financing plan, which included a Conditional Placing and Retail Offer announced on September 23, will not proceed, and the company lacks authority to issue warrants connected to the equity financing.

The Board had unanimously recommended the financing package to shareholders, describing it as "the only certain financing option available to the Company."

Genedrive confirmed it has sufficient funding through the end of 2025, but warned that the vote outcome "may impact negatively the Group’s operations" and could accelerate the timeline for director action to protect creditor positions if additional funding isn’t secured.

The company noted ongoing discussions with David Nugent, a 15.1% shareholder, but reported "no material change to the status of discussions."

Dr. Ian Gilham, Non-executive Chairman, stated that shareholders "comprehensively voted against this financing proposal which would have provided the Company with a cash runway through to Q2/Q3 2026 plus the potential of further funding from the exercise of warrants."

Gilham expressed caution about securing capital on more favorable terms but said the Board would "welcome and encourage any alternative financing proposals from shareholders or other interested parties."

The company’s issued ordinary share capital remains 1,024,895,408 shares.

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