Innovax Holdings (HKG:2680) has raised HK$11.4 million through the issuance of rights, according to a Thursday filing with the Hong Kong bourse.

Of the 20 million shares offered under the program, a total of 17,865,546 shares were subscribed by Nov. 20.

The remaining 2,134,454 unsubscribed shares, about 10.67% of the offer size, were placed through compensatory arrangements.

By Dec. 2, all unsubscribed shares were successfully placed at HK$0.60 per share, matching the subscription price.

The proceeds from the issuance will be used for underwriting and fund management businesses, and for general working capital needs.

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