Genedrive draws down £0.3m under equity prepayment facility

The company initially announced the facility on 31 March.

As part of the drawdown, Genedrive said it would issue 724,997 warrants to investors, equivalent to 40% of the drawdown divided by the reference price, which stood at 16.55178p.

The warrants would have an exercise price of 140% of the reference price, amounting to 23.172492p.

Genedrive's equity prepayment dacility provides the company with a means to secure financing while minimising potential dilution for existing shareholders.

At 1358 BST, shares in Genedrive were down 4.48% at 16p.

Reporting by Josh White for Sharecast.com.