Ilika announces capital raising to advance battery technology

LONDON - Ilika plc (AIM:IKA), a pioneer in solid-state battery technology, has announced a proposed capital raise to generate approximately £3.5 million. The UK-based company plans to issue up to 9,009,090 new ordinary shares at a price of 33 pence per share, aiming to raise gross proceeds of about £3.0 million through a placing. Additionally, a retail offer and director subscriptions are expected to contribute to the total funds raised.

The issue price represents a 2.9% discount to the closing mid-market price as of the day before the announcement. The new ordinary shares will account for approximately 5.4% of the existing issued ordinary share capital of the company.

The net proceeds from the capital raising will primarily support the commercial launch and scale-up of Ilika’s small format Stereax technology and the ongoing development of the large format Goliath technology. The company aims to secure commercial licensing agreements with partners for both product lines.

The retail offer, not part of the placing, will be conducted via the Bookbuild platform, allowing UK shareholders to subscribe for new ordinary shares at the issue price. The company will make a separate announcement regarding the retail offer’s terms.

Cavendish Capital Markets Limited is acting as the nominated adviser, sole bookrunner, and sole broker in connection with the capital raising. The placing shares are offered through an accelerated bookbuild process, which will be launched immediately following the announcement, and the timing of the closing will be at the discretion of the company and Cavendish.

Ilika’s CEO, Graeme Purdy, responsible for releasing this announcement, has outlined the intended use of the proceeds, which includes up to £1.1 million for Stereax technology delivery and up to £2.4 million for the development of Goliath technology.

The capital raising is not conditional upon approval by shareholders and is not being underwritten. A further announcement will confirm the final details of the placing following the close of the accelerated bookbuild.

This announcement is based on a press release statement and does not constitute an offer or solicitation to purchase or subscribe for securities in the United States or any jurisdiction where it would be unlawful.

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