Australian wave power firm Carnegie Clean Energy is expected to be reinstated to official quotation of Australian Securities Exchange (ASX) on October 31, 2019.
The securities of Carnegie were suspended from ASX official quotation on Friday, March 1, 2019.
Following the appointment of administrators, also in March this year, Carnegie carried out the recapitalisation of the company and secured a $4.4-million lifeline through existing shareholders and approximately $1.1 million coming from new investors.
The $5.5-million minimum, out of initially set $11.5-million maximum, will be utilised for the development of the CETO technology, corporate overheads, operation of the Garden Island Microgrid, payment to the Creditor’s Trust, costs associated with the offers and working capital purposes, Carnegie said earlier.
In addition to completed recapitalisation and ASX return, John Bumbak and Richard Tucker resigned as Carnegie’s Deed Administrators, and control of the company has returned to the directors.