NetX Holdings Bhd (NetX) has proposed a bonus issue of up to 468.9 million Warrants D to existing shareholders on a 1-for-2 basis.
The Warrants D will be issued at no cost, and the exercise price will be determined later.
Based on the illustrative exercise price of 8 sen per Warrant D, this represents a discount of approximately 25.70% to its theoretical ex-all price shares of 10.77 sen. For illustrative purposes, utilising an exercise price of 8 sen per Warrant D, the company anticipates generating gross proceeds of up to RM37.52 million.
The intended utilisation of any future proceeds from exercising the Warrants D is earmarked for financing the group's forthcoming working capital needs.
The issuance is subject to approvals and is expected to be completed by the second quarter of 2024.