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LONDON - MedPal AI Plc (AIM:MPAL), a digital health platform, announced Wednesday a retail offer through the Winterflood Retail Access Platform (WRAP) to raise up to £360,600 in conjunction with its upcoming AIM IPO.
The company is offering new ordinary shares at £0.04 per share through the WRAP Retail Offer, which will run alongside a previously announced £1,639,400 placing. MedPal AI expects to begin trading on London’s AIM market on August 26.
Based in the UK, MedPal AI develops digital health and artificial intelligence solutions focused on wellness management. The company’s core product is a non-clinical app that aggregates health metrics from over 100 fitness apps and wearables across Apple (NASDAQ:AAPL) iOS and Google (NASDAQ:GOOGL) Android platforms, providing users with wellness guidance through AI technology.
The WRAP Retail Offer is open to eligible investors in the United Kingdom (TADAWUL:4280) with a minimum subscription of £100. The offer is expected to close at 4:00 p.m. on August 21, with results anticipated to be announced around August 22.
The company stated that funds raised will be used to finance further development and sales of the MedPal AI app, which monitors users’ health data and provides lifestyle advice based on real-time information.
MedPal AI has published an Admission Document in compliance with AIM Rules for Companies, which is available on the company’s website.
The retail offer is being conducted under UK exemptions from prospectus requirements. Winterflood Securities Limited is serving as the platform provider for the retail offer, while Clear Capital Markets Limited is acting as broker for the placing.
According to the company’s press release statement, applications for the retail offer shares cannot be withdrawn once accepted.
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