Prenetics raises $48 million in oversubscribed equity offering

Prenetics Global Limited (NASDAQ: PRE) announced the pricing of a public offering that raised approximately $48 million in gross proceeds through the sale of 2,992,596 Class A ordinary shares and pre-funded warrants at $16.08 per share.

The offering includes a double warrant structure that could generate up to $216 million in total proceeds if all warrants are exercised. Class A warrants are exercisable at $24.12 per share and Class B warrants at $32.16 per share, both expiring five years after issuance.

Notable investors in the offering include cryptocurrency exchange Kraken, publicly-traded Exodus (NYSE: EXOD), Hong Kong-listed XtalPi (2228.HK), and GPTX by Jihan Wu, founder of Bitdeer Technologies Group (NASDAQ: BTDR). Tennis player Aryna Sabalenka and Adrian Cheng, an original cornerstone investor, also participated.

The health sciences company's supplement brand IM8 reached $100 million in annual recurring revenue within 11 months of launch in December 2024. For October 2025, IM8 is expected to generate more than $8.6 million in monthly revenue. The company provided guidance for IM8 revenues between $160 million and $200 million for 2026.

Following the offering's closing, Prenetics will hold approximately $100 million in cash and 275 Bitcoin valued at $31 million as of October 27, 2025. The company has been purchasing one Bitcoin daily since August 1, 2025, as part of its treasury strategy.

"In just 11 months, IM8 has achieved $100 million in annual recurring revenue," said CEO Danny Yeung. "We have begun a strategic review of our other business units within Prenetics with the intention to divest them."

Dominari Securities LLC served as sole placement agent for the offering, which is expected to close around October 28, 2025.

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