Althea has extended the closing date for its share purchase plan (SPP) to December 12, 2022 after claiming a number of shareholders failed to receive the offer documents.
The firm announced the plan to raise a total of A$4m earlier this month, with $2.5m coming through the SPP and shareholders able to apply for up to $30,000 worth of shares.
It was due to close today.
Meanwhile, at Althea’s annual general meeting yesterday, CEO Josh Fegan told shareholders FY22 had been a year of “consolidation and growth” as the company targets cash flow break-even and operating profitability in Q3 FY23.
He said: “The international opportunity… is very much alive and well, with AGH positioned to fully capitalise on current emerging market opportunities across Europe, including the imminent legalisation of recreational cannabis in Germany and medical cannabis in Spain.
“Althea has the scale and footprint to become the leading brand of cannabis-based medicines globally.”
Fegan added strict cost controls, “industry-leading buying power and a consistent and sustainable supply chain”, meant the firm was seeing sales increase while the cost of goods sold decreases.
He said he expects sales to increase in all markets in which the company operates due in part to the “lag effect” of the Covid-19 pandemic.
Meanwhile, Cann Group’s SPP announced in October has now closed, with the results due to be announced on Monday (December 5). Cann is aiming to raise an extra A$8 to $10 million to expand GMP manufacturing capabilities at its Mildura facility.