Micro-X Limited announced that it expects to receive AUD 7.454223 million in funding from Varex Imaging Corporation
September 18, 2022
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Micro-X Limited announced that it has entered into a security purchase agreement for the issuance of 50,709,000 ordinary shares at a price of AUD 0.147 per share for gross proceeds of AUD 7,454,223 on September 19, 2022. The transaction will include participation from new investor Varex Imaging Corporation for 9.9% shareholding at the time of closing. The company will issue shares in two tranches under the available placement capacity with 23,780,000 in its first tranche to be issued within three days and remaining will be issued upon receiving approval from the Australian GovernmentÃs Foreign Investment Review Board, expected to be received by December 31, 2022. The transaction has been approved by the board of directors of the company.
The company expects to raise the first tranche on September 23, 2022. The securities issued pursuant to the first tranche will be subject to a hold period till September 23, 2023.
Varex Imaging Corporation is a designer and manufacturer of X-ray tubes, digital detectors and other image processing solutions. The Company operates through two segments: Medical and Industrial. The Medical segment designs, manufactures, sells and services X-ray imaging components, including X-ray tubes, digital detectors, ionization chambers and buckys, high voltage connectors, image-processing software and workstations, three-dimensional (3D) reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. These components are used in a range of medical imaging applications. The Industrial segment designs, develops, manufactures, sells and services X-ray imaging products for use in a number of markets, including security applications for cargo screening at ports and borders and baggage screening at airports, and nondestructive testing, irradiation and inspection applications used in various other markets.