LONDON: Catenai PLC (AIM: CTAI), a digital media and technology provider, said Thursday it has completed the second £450,000 tranche of its investment in Alludium Ltd, a UK-based pre-revenue technology company.
The funding follows shareholder approval of share allotment authorities from the June 26 announcement. Catenai subscribed for 681,663 ordinary shares in Alludium at 73 pence apiece and now holds approximately 13% of its issued share capital. The Second Investment includes a bonus share issuance equal to 10% of the subscribed amount, according to previously announced terms.
“We are delighted to receive this £450k investment from Catenai,” said John Frizelle, CEO of Alludium. “This funding validates their continued confidence in our vision and accelerates our development as we prepare for public launch.”
Alludium reported a £33,000 loss in its first full-year results for the period ended Aug. 31, 2024.
Catenai CEO John Farthing said, “Completing this second tranche reflects a key milestone, especially as Alludium moves closer to launching its first product. We’re excited to support their journey beyond stealth development.”