As a public unlisted company we are prevented by law from raising capital at scale from “retail investors” outside of the full crowdfunding process.
Annoyingly its not practical for us to do a crowdfund every time we need to raise capital…it takes 3 -4 months end to end, is expensive and very time intensive…plus its also capped at $5m a year, much of which we have already used this year.
The retail investors at the EGM last week were really keen to invest again as well, which is wonderful, so i gave them my word we would run another crowdfunding process next year. We will probably aim for April/May time.
That said any existing investors that qualify as “sophisticated investors” under the Act will be very welcome in Series C, regardless of the basis they invested on previously.
If you need the definitions of sophisticated investor take a look at the AFR article I have attached further down the channel.
In addition I will be writing to shareholders this week setting out all the details of the Series C raise.
Thanks for you support and ownership of us, we all really appreciate it.