Klevo Rewards Wins ASX Extension to Finalise $4.1M Capital Raise
Klevo Rewards Limited has secured a crucial extension from the ASX, pushing back its automatic removal date to 17 November 2025. This move gives the company time to complete a $4.1 million entitlement offer and meet conditions for reinstatement to trading.
- ASX grants extension to 17 November 2025 to avoid automatic removal
- Company conducting pro-rata entitlement offer to raise approximately $4.1 million
- Reinstatement conditions must be met for trading to resume
- Suspension from ASX trading began on 2 October 2023
- Extension aligns with final stages of transaction for relisting
Background on Suspension and ASX Policy
Klevo Rewards Limited, formerly known as My Rewards International Limited, has been navigating a challenging period since its securities were suspended from trading on the Australian Securities Exchange (ASX) on 2 October 2023. Under ASX Guidance Note 33, any company suspended for two continuous years faces automatic removal from the official list. Klevo was initially set to be delisted on 2 October 2025.
Extension Granted to Support Capital Raise and Reinstatement
In a significant development, the ASX has granted Klevo Rewards an extension until 17 November 2025 to avoid automatic removal. This extension is designed to allow the company to complete a pro-rata non-renounceable entitlement offer, aiming to raise up to approximately $4.1 million before costs. The offer provides eligible shareholders the opportunity to purchase one new share for every two shares held at a price of $0.009 per share.
The capital raise is a critical step toward satisfying the remaining conditions required for the company’s reinstatement to the official list. These conditions, previously outlined by the ASX, must be met to resume trading and restore market confidence.
Strategic Implications and Outlook
Klevo Rewards operates in the loyalty and rewards technology sector, providing subscription-based marketplaces and white-labelled Mastercard-powered loyalty solutions. The company’s ability to secure this extension and raise fresh capital will be closely watched by investors, as it signals management’s commitment to turning around the company’s fortunes and re-engaging with the market.
While the extension offers breathing room, the company faces the dual challenge of successfully completing the entitlement offer and meeting all reinstatement criteria within the new deadline. Failure to do so could result in delisting, further complicating Klevo’s path forward.
Next Steps for Investors
Shareholders and market participants will be keen to monitor the progress of the entitlement offer and any updates on the company’s compliance with ASX conditions. The outcome will have direct implications for Klevo’s liquidity, shareholder value, and its ability to compete in the fast-evolving loyalty technology landscape.
Bottom Line?
Klevo Rewards’ ASX extension buys time, but the next six weeks will be critical for its market comeback.
Questions in the middle?
- Will Klevo Rewards successfully raise the full $4.1 million through the entitlement offer?
- Can the company satisfy all ASX reinstatement conditions by the 17 November deadline?
- What impact will the capital raise and potential relisting have on Klevo’s strategic positioning?
