Being AI extends Spectrum acquisition, continues share offer

Being AI has provided a general market update and capital change notice for its share purchase plan related allotments.

The company announced that the date for the satisfaction of conditions precedent for the acquisition of Spectrum Consulting has been extended to October 4, 2024.

Being AI said it intends to update the market on further progress in satisfying the conditions precedent at the end of this week.

In terms of capital raising initiatives, Being AI revealed that it has received subscriptions for 477,711 new shares under the share purchase plan and the general offer.

The company expressed its gratitude to the investors who supported the offers and said it was pleased with the uptake from its small base of retail shareholders.

Being AI also said it has received interest from third-party investors wishing to participate in the general offer, and has decided to continue accepting applications until October 11, 2024.

The general offer remains open for acceptance, with new shares available for subscription at $0.60 per share.