Spenda Limited (ASX:SPX), a Perth-based Business software and payments company, spent the past few months shrinking its cost base, selling one platform and asking shareholders and new investors for up to $8.5 million.

What Spenda does

Spenda operates an integrated platform for invoicing, payment processing and Supply chain operations. It says its Revenue comes from software subscriptions, payment processing and supply chain finance. market data sources classes it as technology services.

Latest latest accounts

For the half-year to 31 December 2025, the company reported revenue of $4.19 million, down 15 per cent year on year, a net loss of $6.04 million and cash of $1.5 million. These are the latest reported figures. A company updates summary said full-year results were released on 27 August 2026 and mentioned going-concern warnings, but the underlying document was not read, so no full-year numbers are quoted here.

Restructuring and the Ledger sale

In March 2026 Spenda raised $1.4 million in a private Placement at $0.002 a share. On 8 May 2026 it signed a binding agreement to sell its Spenda Ledger platform to APG Pay Pty Ltd for about $1.8 million including GST, with completion expected on 11 May. Spenda said it keeps its Ledger customer relationships through a four-year licence, paying APG a 0.10 per cent processing fee on payment value.

The company said the changes would cut annual operating expenses by about $2.7 million, a reduction of 45 per cent in the cost base, and put total annualised restructuring savings at about $7 million. The chief executive and chief technology officer were to step down after the transaction, with Executive Chairman Karim Razak taking a wider operating role.

Management named three revenue-generating platforms going forward: Spenda Pay, Spenda Retail and Spenda Ledger under licence. It cited more than 160 active Spenda Pay users and a Carpet Court rollout. These are company statements.

The entitlement offer

On 9 to 10 June 2026 Spenda announced an accelerated entitlement offer targeting $8.545 million at $0.004 a share on a seven-for-one basis, with a free option exercisable at $0.006 until 30 June 2031 for each new share. The price was a 76.47 per cent discount to the prior close of $0.017, and Peak Asset Management was lead manager without underwriting.

The institutional component raised about $1.8 million, and the retail component sought $6.695 million, closing on 26 June, with Quotation scheduled for 9 July. At full subscription, proceeds were earmarked for $3 million of secured Debt retirement, $1.65 million to reduce operating liabilities, $1.13 million for product development, $700,000 for restructuring, $1.29 million for Working Capital and $780,000 of costs. On 20 August 2026 the company applied to quote a further 15,622,500 shares and matching options.

Risks to weigh

Losses and cash burn: the half-year loss was larger than revenue.

Dilution: the offer could have issued roughly 2.1 billion new shares at full subscription.

Leadership change and reliance on a small product set.

Execution of the Ledger licence and Carpet Court rollout.

Going-concern concerns reported in secondary coverage.