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LONDON - Ondo InsurTech Plc (LSE:ONDO), a claims prevention technology company for home insurers, reported Wednesday that its investor warrants issued during the company’s July 2021 listing have expired with most being exercised.
According to the company’s press release statement, 7,135,000 of the total 7,880,000 investor warrants were exercised at a price of 20 pence per share, while the remaining 745,000 warrants have lapsed. The warrants carried an exercise price of 20 pence per share.
Proceeds from the warrant exercise will be used to partially pay down loan notes from HomeServe Assistance Limited, with the remainder allocated to working capital requirements.
The new ordinary shares issued upon exercise of the warrants have been or will be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange (LON:LSEG) under the company’s block listing authority. Following the issuance, Ondo’s share capital will consist of 134,354,292 ordinary shares of 5 pence each, with no shares held in treasury.
Ondo InsurTech describes itself as a provider of claims prevention technology for home insurers, focusing on LeakBot, a solution that prevents water damage claims in homes. The company partners with 25 insurance carriers across Europe and the USA, including Nationwide, Liberty Mutual, and Admiral.
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