• Firm commitments received to raise up to $6 million via a two-tranche placement
• Tranche 1 of $941,683 to be issued immediately, Tranche 2 of $5,072,117 subject to shareholder approval
• Appointment of Mr Andrew Grover as an independent Non-Executive Director

Spacetalk Ltd (ASX: SPA) has received binding commitments from institutional and professional investors to raise approximately $6 million (before costs) via a two-tranche placement of fully paid ordinary shares. Tranche 1 of 15,694,712 shares (~$941,683) will be issued immediately under the company's existing placement capacity, while Tranche 2 of 84,535,288 shares (~$5,072,117) is subject to shareholder approval. The issue price of $0.06 per share represents a discount of 21.1% to the last closing price and 19.6% to the 5-day VWAP. The funds raised will be applied to the enhancement of the Spacetalk app, investment in inventory and MVNO wholesale costs, working capital, and the costs of the offer. In addition, the company announced the appointment of Mr Andrew Grover as an independent Non-Executive Director, subject to the completion of the onboarding process. Mr Grover is an experienced public company executive, entrepreneur and investor with extensive experience across healthcare, technology, consumer and financial services sectors.

The company remains committed to its target of $20-25 million ARR in 2026.