Wellnex Life (ASX:WNX) Shortfall Offer & painAWAY Acquisition Update - ASX Announcement

Wellnex Life Limited (Wellnex, WNX or Company) (ASX:WNX) has released an ASX announcement publishing the results for the Company’s 1 for 1 pro-rata non-renounceable entitlement offer (Entitlement Offer) announced on 13 November 2023 as well as an update to the timetable for the Pain Away acquisition.



Announcement Highlights

  • Entitlement Offer and Shortfall Offer raises $13.6 million.
  • Entitlement Offer raises approximately $3.2 million with firm commitments received for $10.4 million Shortfall Offer.
  • Funds raised allow for completion of the Company’s Pain Away acquisition and additional working capital.
  • All Wellnex Directors participated in the Entitlement Offer in addition to the Company’s major shareholder Homart Pharmaceuticals.


The ASX announcement states:

"Entitlement Offer Update:
The Entitlement Offer which closed on Tuesday 28 November 2023 raised approximately $3.2 million from eligible Wellnex shareholders who subscribed for their entitlements and additional shares under the oversubscription facility. Post the Entitlement Offer, Wellnex has received firm commitments for the shortfall of approximately $10.4 million.   

The Entitlement Offer saw all Wellnex Directors participate and the Company’s largest shareholder, Homart Pharmaceuticals, take up their entitlement in full, resulting in a post completion shareholding in the Company of approximately 19.4%."

The announcement further states:

"Update on Pain Away Acquisition
As a result of the successful Entitlement Offer, Wellnex now has the required funding to complete the acquisition of Pain Away. The vendors of Pain Away have agreed to extend the sunset date to Wednesday, 13 December 2023 to facilitate settlement of the Entitlement Offer and Shortfall Offer and ensure cleared funds are available to settle the transaction."

Barclay Pearce Capital Investment Pty Ltd and Ord Minnett Limited acted as Joint Lead Managers to the Equity Raising. View the full announcement here.


Exclusive Investor Insights:

Listen to Zack Bozinovski from Wellnex Life (ASX:WNX) as he discusses key investor highlights, covering the acquisition of #painAway, JV with Chemist Warehouse, global partnership with Haleon and the company strategy over the next 6 to 12 months.

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