APZ.ASX: Successful Completion of Equity Raising

Successful Completion of Equity Raising

Stock	Aspen Group (APZ.ASX)
Release Time	16 May 2025, 9:33 a.m.
Price Sensitive	Yes

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Aspen Group Completes Successful Equity Raising

Key Points

Raised $70.18 million through institutional placement
Proceeds to be used for debt reduction and new growth opportunities
Offering a security purchase plan to eligible securityholders

Full Summary

Aspen Group (ASX: APZ) has announced the successful completion of a $70.18 million institutional placement, issuing 24.2 million new securities at $2.90 per security. The placement was strongly supported by investors and is expected to settle on 23 May 2025. The new equity raising will reduce Aspen's gearing to around 17%. Proceeds from the placement will be used for debt reduction and to strengthen Aspen's position to pursue new organic and acquisition opportunities that add value and drive continued strong growth in earnings and net asset value. Aspen is also offering a security purchase plan (SPP) to eligible securityholders, allowing them to acquire up to $30,000 worth of new securities at the same price of $2.90 per security. If the total value of SPP applications exceeds $4 million, Aspen may scale back applications. The new securities will rank equally with existing APZ securities. The SPP is not underwritten. Aspen's securities are expected to resume trading on the ASX from market open on 16 May 2025.