NoviqTech (ASX:NVQ) said its share purchase plan (SPP), which closed on Nov. 21, received over 1,140 applications from retail shareholders, totaling over AU$1.6 million, according to a Tuesday filing with the Australian bourse.
The company scaled back applications, taking a total of AU$300,000, to increase capital levels and reduce dilution to shareholders, the filing said.
Applicants will receive less than the shares they applied for, and excess funds will be refunded without interest.
About 12 million new shares will be issued under the SPP on Wednesday at AU$0.025 apiece, according to the filing.
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