Rua Bioscience is aiming to raise up to NZ$2 million (A$1.7m) as it looks to expand operations and fund product launches in key markets.
The Māori-founded firm said funds raised, along with proceeds from the planned sale of its Gisborne property, would support working capital and marketing, along with product launches in Germany, Australia, the UK and Czechia.
“The rights offer, if fully subscribed, along with proceeds of the expected Gisborne property sale, is expected to fund the business to a self-sustaining position,” Rua said.
The offer will enable shareholders to buy one new share for every three held at a cost of NZ$0.025 per share (A$0.022), a 35% discount to the five-day average up to October 31.
Rua said the offer comes at a key moment in its growth, with FY25 revenue rising to NZ$1.9m (A$1.65m), up from NZ$322,000 (A$280,000) in FY24, and sales in the first quarter of FY26 at record levels.
The firm said it expects revenue to exceed NZ$3m (A$2.6m) by the end of FY26.
Rights trading opens on November 7 and closes on November 24, with new shares expected to begin trading on the NZX Main Board (NZSX) on December 4.