WHK
Whitehawk Limited
ASX
$1.7M Placement Completed to Support AI Cybersecurity Growth
Sentiment:
Capital Raise Announcement
25 November 2024 5:28 PM
WhiteHawk Limited (ASX:WHK) successfully completed a A$1.7 million share placement to fund growth in its AI-based cybersecurity solutions and repay existing debt.
Capital raise
Further capital raising is planned, subject to shareholder approval, involving the issuance of additional shares and options.
Better than expected
The successful A$1.7 million capital raise exceeded expectations, providing WhiteHawk with the resources to pursue its growth strategy and repay debt.
Summary
- WhiteHawk Limited raised A$1.7 million through a share placement to sophisticated and professional investors.
- Approximately A$430,000 of the funds will be used to repay existing debt to Lind Partners.
- The remaining funds will support business growth, further development of AI-based cybersecurity solutions, and working capital.
- The company is exploring blockchain capabilities to enhance its offerings.
- WhiteHawk is now fully funded and debt-free, with a strong pipeline of contracts including US$2 million in new proposals for 2024/25.
- 170,000,000 new shares were issued at $0.01 per share, representing a 19.67% discount to the 15-day volume weighted average price.
- New shares are expected to be issued on December 3, 2024.
- Shareholder approval will be sought for the issuance of additional shares and options in early 2025.
Sentiment
Score: 7
Explanation: The successful capital raise and strong contract pipeline are positive, but the need for shareholder approval and the discount offered on new shares temper the overall sentiment.
Highlights
- A$1.7 million raised via share placement
- A$430,000 debt repayment to Lind Partners
- US$2 million in new contract proposals for 2024/25
- 170,000,000 new shares issued at $0.01 per share
- 19.67% discount to the 15-day volume weighted average price
- New shares expected to be issued on December 3, 2024
- Shareholder approval needed for additional shares and options in early 2025
Positives
- Successful A$1.7 million capital raise.
- Elimination of A$430,000 debt.
- Strong pipeline of contracts with US$2 million in new proposals.
- Fully funded and debt-free position.
- Exploration of blockchain technology to enhance offerings.
Negatives
- 19.67% discount offered on new shares.
- Requires shareholder approval for the issuance of additional shares and options.
Risks
- Dependence on shareholder approval for the issuance of additional shares and options.
- Potential challenges in integrating blockchain technology.
- Competition in the AI-based cybersecurity market.
Future Outlook
WhiteHawk is well-positioned for growth in the AI-based cybersecurity market, with a strong pipeline of contracts and plans to enhance its offerings with blockchain technology. However, success depends on securing shareholder approval for the issuance of additional shares and options.
Management Comments
- WhiteHawk is pleased to advise it has received firm commitments from new and existing sophisticated and professional investors to raise A$1.7 million (before costs) by way of a placement of shares.
Industry Context
This announcement reflects the growing demand for AI-based cybersecurity solutions and WhiteHawk's strategy to capitalize on this trend. The company's exploration of blockchain technology aligns with broader industry efforts to enhance security and data management.
Next Steps
- Issue of new shares on December 3, 2024
- Seeking shareholder approval for additional shares and options in early 2025
- Continued sales campaigns
- Execution of new and expanded contracts
- Responses to 2024 and 2025 proposals
- IR and PR campaigns
- AI/ML analytics and automation advances
Key Dates
- August 6, 2024: Subscription Agreement dated with Lind Global Fund II LP
- November 26, 2024: A$1.7 million placement completed announcement date
- December 3, 2024: Expected date for new shares to be issued
- Early 2025: General Meeting to seek shareholder approval for additional shares and options
Keywords
AI-based cybersecurity, Cybersecurity, Share placement, Capital raise, WhiteHawk, Blockchain, SaaS, PaaS, Cyber risk
WHK
Whitehawk Limited
ASX
Sector: Software & Services
Filings with Classifications
Capital raise
17 April 2025 12:02 AM
Notice of Annual General Meeting
- The company is seeking approval to issue future shares to Lind Partners under the 2024 Agreement.
- The company is seeking approval of a 7.1A mandate to issue up to 10% of the company's issued capital.
Capital raise
28 March 2025 12:03 AM
Annual Report
- The company has the ability to continue to raise additional funds on a timely basis pursuant to the Corporations Act 2001.
Worse than expected
28 March 2025 12:03 AM
Annual Report
- The company reported a net loss after tax of US$1,780,630, indicating that the company is not yet profitable.
Better than expected
27 February 2025 4:04 PM
Preliminary Final Report
- The company's revenue increased by 15.6% compared to the previous year.
Capital raise
10 February 2025 5:54 PM
General Meeting Results
- The company received approval to issue Tranche 2 placement shares.
- The company received approval to issue placement options.
- The company received approval to issue broker options.
- The company received approval to issue securities to Peak in lieu of fees.
- The company received approval to issue securities to Viaticus Capital.
- The company received approval to issue incentive options to Viaticus Capital.
Worse than expected
30 January 2025 4:18 PM
Quarterly Activities Report
- The company reported a net cash loss from operations of US$84,000 for the quarter, indicating worse than expected financial performance.
Capital raise
30 January 2025 4:18 PM
Quarterly Activities Report
- WhiteHawk will seek shareholder approval to raise up to $535,000 under Tranche 2 of the Placement at the General Meeting scheduled on 11 February 2025.
Capital raise
9 January 2025 7:37 PM
Notice of General Meeting
- The company is seeking approval to issue up to 53,500,000 shares at $0.01 each, potentially raising $535,000.
- The company is also issuing options to placement participants, brokers, and consultants, which could lead to further capital raises if exercised.
Better than expected
12 December 2024 6:42 PM
Contract Renewal Announcement
- The contract renewal represents increased revenue compared to the previous contract with the same client.
Capital raise
1 December 2024 9:21 PM
Capital Raise Announcement
- WhiteHawk Limited is raising capital through the issue of 120,000,000 ordinary shares at AUD 0.01000 each and 40,000,000 placement options.
- The capital raise is subject to shareholder approval by January 28, 2025.
Delay expected
1 December 2024 9:21 PM
Capital Raise Announcement
- The issue date for the shares and placement options has been delayed pending shareholder approval, which is expected by January 28, 2025.
Capital raise
1 December 2024 9:10 PM
Securities Quotation Application
- Further share issues are planned to complete the placement, subject to shareholder approval.
Capital raise
25 November 2024 5:28 PM
Capital Raise Proposal
- WhiteHawk Limited is proposing to issue 56,000,000 ordinary shares and 28,666,667 options.
- The funds raised will be used for business growth, further development of AI-based cybersecurity solutions, debt repayment, and working capital.
Capital raise
25 November 2024 5:28 PM
Capital Raise Announcement
- Further capital raising is planned, subject to shareholder approval, involving the issuance of additional shares and options.
Better than expected
25 November 2024 5:28 PM
Capital Raise Announcement
- The successful A$1.7 million capital raise exceeded expectations, providing WhiteHawk with the resources to pursue its growth strategy and repay debt.
Capital raise
21 November 2024 5:13 PM
Trading Halt Announcement
- WhiteHawk Limited is planning a capital raising.
Capital raise
12 September 2024 6:19 PM
Notice of General Meeting
- Resolution 1 seeks ratification of a prior share issue of 15,000,000 shares to Lind Partners.
- Resolution 2 proposes issuing 12,500,000 options to Lind Partners.
- Resolutions 3 and 4 seek approval for future share issuances to Lind Partners.
- Resolution 5 proposes issuing 200,000 shares to related party Phil George.
Capital raise
6 August 2024 7:37 PM
Capital Raise Announcement
- WhiteHawk has secured an initial A$500,000 investment from Lind Global Fund II, LP.
- The Investment may be increased up to A$1M at a later stage on the same terms subject to mutual agreement.
- The company will issue 12,500,000 unlisted 3-year options to Lind at a 2c exercise price, subject to shareholder approval.
Delay expected
31 July 2024 1:45 AM
Quarterly Activities Report
- The final award of Peraton's bid for the Veterans Affairs Supply Chain Risk Management (SCRM) contract is delayed.
- The contract competition with D&B on the U.S. General Services Administration (GSA) SCRIPTS BPA Contract Vehicle has been delayed.
Capital raise
31 July 2024 1:45 AM
Quarterly Activities Report
- The Company is currently exploring funding options in the market in the event of delay of pending new contracts.
Capital raise
3 April 2024 10:34 PM
Notice of Annual General Meeting
- The company is seeking approval to issue up to 44,444,445 Placement Options to placement participants.
- The company is seeking approval to issue up to 17,777,778 Lead Manager Options to Alpine Capital.
- The company is seeking approval to issue up to 12,500,000 Consultant Options to Viaticus Capital.
- The company is seeking approval for a 7.1A mandate, allowing the company to issue equity securities up to 10% of its issued capital.
Delay expected
27 March 2024 8:34 PM
Annual Report
- The final award of Peraton's bid for Veterans Affairs Supply Chain Risk Management (SCRM) was delayed by 5 months.
- A Critical Infrastructure Cyber Risk Assessment (CIRA) Program contract for USD $1.9M, for State and Local client via Peraton delayed in procurement and State Legislature.
Worse than expected
27 March 2024 8:34 PM
Annual Report
- The company reported a net loss after tax of US$2,844,279, which is worse than the previous year's loss of US$1,537,740.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.