Activistic to debut on ASX

Technology company Activistic will begin trading on the ASX today after being acquired by West Perth biotech firm Acuvax in a backdoor listing.

Activistic has raised $6 million through a placement of 60 million shares at 10 cents each in order to comply with ASX relisting rules, and has issued 59.7 million performance shares as part of the terms of the acquisition.

The company said all conditions of the offer had now been satisfied in full.

Activistic owns a micro-payments platform which provides users with a simple means to make regular donations to charities and other fund raising organisations via their mobile phone.

The reverse takeover was Acuvax’s second attempt at a backdoor listing, after plans to buy Brisbane-based Biolife Science fell through in 2013.

The deal failed because Acuvax and its lead manager Patersons Securities were unable to complete a required $4 million capital raising.