IMMUNOTECH-B (06978.HK): To Place Up to 123.5m New Shares, Raising at Least HK$36.1m

NewTimeSpace News: On 28 October 2026, before the trading session, Immunotech Biopharm Ltd (stock code: 6978) entered into a placing agreement with the placing agent, Maison Asset Management Limited, to place up to 123,500,160 new shares on a best-efforts basis at a minimum price of HK$0.300 per share, with the final price to be agreed by the parties on or before the completion date.

The placing shares represent 20% of the existing issued shares as at the date of the announcement and about 16.67% of the enlarged issued share capital. The minimum price represents a discount of about 13.04% to the last trading day's closing price of HK$0.345 and about 18.26% to the average closing price of HK$0.367 over the preceding five consecutive trading days. Assuming full placing at the minimum price, gross proceeds would be about HK$37.1 million and net proceeds about HK$36.1 million, or about HK$0.292 per share.

Completion is subject to conditions including approval by the Stock Exchange's Listing Committee for the listing and trading of the placing shares. The placing agent will procure placees of not fewer than six, all independent third parties, and no placee will become a substantial shareholder upon completion. The shares will be issued under a general mandate without further shareholder approval.

Net proceeds are intended for EAL product R&D (about HK$9.0 million, 25%), R&D of other pipeline products and early-stage programmes (about HK$12.6 million, 35%) and general working capital (about HK$14.4 million, 40%), to be fully utilised by the end of 2027.