• Partially underwritten, accelerated non-renounceable entitlement offer to raise up to $10.0 million
• Net proceeds will fund the Company's working capital and capex requirements for the Melbourne Fibre Project
• Swoop Directors and Senior Management have indicated commitments to participate for $1.9 million of their collective entitlements and sub-underwrite $4.0 million

Swoop Holdings Ltd (ASX:SWP) has announced a partially underwritten, accelerated non-renounceable pro-rata entitlement offer to raise gross proceeds of up to approximately $10 million. The net proceeds from the Entitlement Offer will be applied to provide funding for Swoop's working capital and capex requirements associated with the construction and delivery of the Melbourne Fibre Project, a significant component of Swoop's revised strategic opportunity set. Swoop's Chief Executive Officer, Alex West, stated that the capital raising supports Swoop's next phase of growth, as the company focuses on disciplined execution of its revised strategic priorities. The Entitlement Offer comprises an accelerated institutional offer to raise $2.8 million and a retail offer to raise up to $7.2 million. Swoop Directors and Senior Management have indicated commitments to participate for $1.9 million of their collective entitlements under the Entitlement Offer as well as sub-underwriting $4.0 million of the Entitlement Offer, and will continue to be significant shareholders in Swoop. The Board has responded to shareholder feedback by launching a 'Focus. Divest. Grow' strategy to simplify the business and improve returns, and is conducting a search for two additional independent non-executive directors with relevant telecommunications, governance, and audit expertise.