Highlights

• Enlitic received binding commitments for an approximately AUD 15 million conditional placement.

• The company plans to launch a security purchase plan targeting up to approximately AUD 1 million.

• A proposed conversion of existing convertible notes is intended to simplify the capital structure and extinguish debt.

• Proceeds are expected to support commercialisation, sales expansion and operations through to anticipated cashflow break-even.

• A proposed 10:1 share consolidation will be considered following completion of the capital raising and debt conversion.

Enlitic, Inc. (ASX:ENL) has announced a capital raising and balance sheet restructuring package designed to support its commercial expansion strategy and simplify its capital structure. The company has secured binding commitments for an approximately AUD 15 million conditional placement, unveiled plans for a security purchase plan targeting up to approximately AUD 1 million and proposed converting its existing convertible notes into CHESS Depositary Interests (CDIs), subject to the necessary approvals.

Enlitic shares were trading flat at AUD 0.0050 during the morning session on 3 July 2026. Although the stock remains down 83.33% over the past year, the latest announcement focuses on the company's proposed funding initiatives, capital restructuring and commercial growth plans rather than recent share price performance.

Enlitic is an artificial intelligence software company focused on medical imaging. Its technology is designed to manage radiology imaging data, including MRI, CT, X-ray and ultrasound images, through software solutions that help healthcare providers standardise, integrate, protect and analyse imaging information. The company's product portfolio also includes its SaaS-based Ensight platform, which supports enterprise healthcare customers and original equipment manufacturer (OEM) partners.

Conditional Placement Targets Approximately AUD 15 Million

Enlitic announced that it has received binding commitments to raise approximately AUD 15 million before costs through a conditional placement of new fully paid CDIs.

The placement involves the issue of approximately 3,750 million new CDIs at an issue price of AUD 0.004 per CDI.

Completion of the placement remains subject to several conditions, including shareholder approval, approval relating to proposed Director participation and the proposed conversion of all existing convertible notes.

The placement price represents:

• A 20.0% discount to the last traded price of AUD 0.005 on 30 June 2026.

• A 21.1% discount to the five-day volume weighted average price up to and including 30 June 2026.

The placement is not underwritten.

Security Purchase Plan to Follow

Alongside the institutional placement, Enlitic intends to offer eligible CDI holders in Australia and New Zealand the opportunity to participate in a Security Purchase Plan (SPP).

The SPP aims to raise up to approximately AUD 1 million before costs.

Eligible investors will be able to apply for up to AUD 30,000 worth of new CDIs.

The SPP issue price will be the lower of:

• AUD 0.004 per CDI, matching the placement price; or

• A 2.5% discount to the five-day VWAP immediately before the SPP closes, rounded to the nearest AUD 0.001.

The company retains discretion to scale back applications and noted that the SPP remains subject to obtaining any required ASX waivers and shareholder approval.

The SPP is expected to open during mid-August 2026 and close in late August or early September 2026.

Proposed Convertible Note Conversion

A significant component of the announcement relates to Enlitic's proposal to convert its outstanding convertible notes.

The company originally issued AUD 8 million of secured convertible notes in December 2025. Under the latest proposal, noteholders have agreed, subject to several conditions, to convert the outstanding securities into CDIs.

The total conversion amount will be AUD 10 million across all convertible notes, representing full and final settlement of:

• Face value.

• Accrued interest.

• Any other amounts owing under the notes.

The conversion will occur at the same AUD 0.004 issue price used for the placement.

According to the company, completion of the conversion is expected to simplify the capital structure while extinguishing existing debt obligations.

The proposal remains conditional upon majority noteholder approval, shareholder approvals, successful completion of a placement raising at least AUD 12 million unless waived, and agreement by each noteholder to participate under the revised terms.

The conditions must be satisfied or waived by 31 August 2026.

Capital Raising Intended to Support Commercial Growth

Enlitic outlined how it expects to allocate the proceeds from the conditional placement.

The proposed use of funds includes:

• Research and Development – approximately AUD 3.6 million.

• Quality and Regulatory Compliance – approximately AUD 0.6 million.

• Strategic Development – approximately AUD 1.2 million.

• Sales and Marketing – approximately AUD 2.8 million.

• Customer Service – approximately AUD 1.2 million.

• Corporate activities – approximately AUD 2.8 million.

• Working Capital and Administration – approximately AUD 1.4 million.

• Capital raising and restructuring costs – approximately AUD 1.3 million.

Total planned expenditure amounts to AUD 15.0 million.

The company said proceeds will primarily support continued commercialisation, expansion of sales and marketing activities, working capital requirements and balance sheet support.

It also intends to expand deployment of its SaaS-based Ensight platform across enterprise healthcare organisations and through its growing OEM partner channel.

Funding Expected to Support Operations

Subject to completion of the placement and satisfaction of all conditions, Enlitic expects to hold approximately AUD 18 million in pro forma cash.

The company stated that the proceeds are currently expected to fund ongoing operations through to anticipated cashflow break-even, based on the assumptions outlined in its Investor Presentation and associated risk disclosures.

Chief Executive Officer Michael Sistenich said the proposed transactions are intended to strengthen the company's balance sheet while supporting commercial momentum.

He also noted that entities associated with him have committed to subscribe for AUD 827,500 under the conditional placement, subject to shareholder approval.

Proposed Share Consolidation

Following completion of the placement, convertible note conversion and SPP, Enlitic also intends to undertake a proposed 10:1 share consolidation, subject to shareholder approval.

The company currently has 833,178,628 shares of common stock on issue.

Following completion of the placement and note conversion, that figure is expected to increase to approximately 7,083,178,628 shares before consolidation.

Following the proposed 10:1 reverse share split, Enlitic expects to have approximately 708,317,862 common shares on issue.

Further details will be provided in the notice of meeting for shareholders.

Key Approvals and Timetable

Several components of the proposed transactions require shareholder approval.

The Extraordinary General Meeting is expected to take place during late July or early August 2026.

Subject to approvals, settlement of the conditional placement is expected in early to mid-August 2026.

Allotment of new CDIs under both the placement and convertible note conversion is also expected during early to mid-August.

The SPP booklet is expected to be dispatched during mid-August, with the offer closing in late August or early September.

The proposed share consolidation is expected to take effect during September 2026.

The company noted that all dates remain indicative and subject to change.

About Enlitic

Enlitic develops artificial intelligence software designed for medical imaging management.

Its technology assists healthcare providers by standardising, integrating and analysing imaging data to improve clinical workflows, increase operational efficiency and support healthcare capacity.

The company continues to develop additional software products aimed at expanding its medical imaging platform across healthcare environments.

What This Means for Investors?

Enlitic's latest announcement outlines a comprehensive capital management strategy that combines new equity funding, a proposed convertible note conversion and a planned share consolidation. Subject to shareholder and noteholder approvals, the company expects the approximately AUD 15 million placement to support commercialisation, sales expansion and operational funding through to anticipated cashflow break-even, while the proposed debt conversion is intended to simplify the capital structure and remove existing debt. Investors are likely to monitor the upcoming shareholder approvals, completion of the capital raising and implementation of the proposed restructuring over the coming months.