Vanadium redox flow battery company redT has officially rebranded to Invinity Energy Systems following its merger with Avalon, the change now approved by shareholders.
It comes as the company reveals the results of its Open Offer, raising just £155,231 of a possible £6.3 million. The Open Offer – which was announced on 16 March and closed on 31 March – had a maximum of 380,500,174 Open Offer shares at 1.65p per share.
Valid acceptances were received from Qualifying Shareholders in respect of 7,063,690 Open Offer Shares alongside applications for a further 2,344,234 Open Offer Shares under the Excess Application Facility, equating to £155,231.
However, the company has raised a total of £8.065 million before expenses as a result of its Placing and Open Offer, it said.
It has struggled financially for some time, running into financial difficulties in March 2019, leading to the launch of a strategic review of its ongoing business and an emergency fundraising drive.
Avalon also provided redT with a £1.9 million loan in November while the merger completed.
The merger was approved by shareholders in an Extraordinary General Meeting yesterday (1 April 2020), with the company’s Ordinary Shares now consolidated to form Consolidated Ordinary Shares at the rate of one Consolidated Ordinary Share for every 50 Ordinary Shares.
An application has been made for a total of 69,567,788 Consolidated Ordinary Shares to be admitted to trading on AIM, with admission expected to have become effective this morning (2 April 2020).
Neil O’Brien, chairman of the company, praised the “hard work” from both redT and Avalon in completing the merger, stating opportunities will begin to open up for Invinity’s technology as the need for storage increases.
“In uncertain times, we are very grateful for the support of shareholders in getting us to this point,” O’Brien added.
An update was also released on the vanadium financing partnership with Bushveld, which was announced last month. The number of Conversion Shares that are to be issued to Bushveld has been revised to 302,978,063 Ordinary Shares, which Invinity said is due to recent fluctuations in foreign exchange rates.
The additional shares will be allotted using the directors' general authority, with the Conversion Shares not subject to lock-in arrangements.