EDX Medical Group plc (LON:EDX), which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, has announced that warrant holders who were issued with a total of 5,370,000 warrants in 2021 have each agreed to waive and cancel their rights to subscribe for Ordinary Shares in EDX Medical in accordance with the terms of the Warrant Instruments.
The warrants were issued at an exercise price of 5p per warrant to the five founders of TECC Capital plc and its Corporate Adviser at that time. TECC Capital was subsequently subject to a Reverse Takeover by EDX Medical.
Jason Holt, chairman of EDX Medical, said: “The cancellation now of warrants issued at 5p prior to the creation of the EDX Medical Group will enhance stability and reduce future potential dilution for existing shareholders.
“During the course of this year, the Company has raised significant capital which has enabled us to progress at pace our development of class-leading diagnostic products and also take steps such as the cancellation of these legacy warrants.
The Company has a remaining 12, 500, 000 warrants in place with an exercise price of 10p and 12,500,000 with an exercise price of 20p.
The Company has 350,084,848 Ordinary Shares in issue, each share carrying the right to one vote.
The directors of EDX Medical accept responsibility for the contents of this announcement.
