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SUDA Pharmaceuticals chairman shows faith in pharmaceutical strategy by entitlement offer participation

The non-renounceable pro-rata entitlement offer closed heavily oversubscribed and 142,254,397 shares and 47,418,132 listed options have been issued.

SUDA Pharmaceuticals Ltd - Suda Pharmaceuticals chairman demonstrates faith in the company’s pharmaceutical strategy by participating in entitlement offer
The company is developing low-risk but technically complex oral sprays

SUDA Pharmaceuticals Ltd (ASX:SUD) chairman Paul Hopper has demonstrated his faith in the company’s pharmaceutical strategy through participation in the company's recent $3.56 million non-renounceable pro-rata entitlement offer.

Hopper acquired 280,000 shares on August 5, increasing the total number of securities held after then change to 560,000 shares.

This participation also entitles Hopper to 93,334 listed options (SUDOE).

Entitlement offer completed

The company allotted and issued 142,254,397 new shares and 47,418,378 attaching listed options (SUDOE) after completing the entitlement offer announced on July 3, 2020.

SUDA closed the offer heavily oversubscribed with applications for entitlements and additional top-up shares received from shareholders totalling $5.2 million, leading the company to scale back top-up applications.

In preparation for any shortfall that may have arisen for the entitlement offer, the lead manager Baker Young received bids in excess of $3.4 million.

Quick facts: SUDA Pharmaceuticals Ltd

Price: 0.043 AUD

ASX:SUD
Market: ASX
Market Cap: $13.15 m
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