Announcement PDF 1 2026 Annual Report Decidr AI Industries · ABN 28 614 347 269 2 01 FY26 at a Glance 03 Operations Review 07 Shareholder Information 02 Chairman’s Address 06 Financial Statements and Notes 04 Board and Leadership 05 Directors’ Report and Remuneration Report 08 Corporate Directory 03 04 08 11 14 32 85 88 Decidr AI Annual Report 2026 Contents 3 FY26 at a glance Statutory revenue AER at 30 June1 Net assets at 30 June Cash at 30 June Up 99% on FY25 (A$2.4m) 7.5x FY25 (A$1.8m)2 Up 201% on FY25 (A$7.8m) Up 27% on FY25 (A$99.7m) $4.7m $13.6m $126.6m $23.4m The FY25 statutory profit included an $88.4 million non-cash fair value gain arising from the Group’s additional investment in Decidr. Accordingly, the statutory results between FY25 and FY26 are significantly affected by this one-off non-cash item and are not directly comparable. * A$103.5m swing from the FY25 profit of $71.1m* Profit / (loss) after tax ($32.4m) Operational • Sugarwork acquired, establishing a United States operating base • Rumi.ai acquired after year end, adding ambient knowledge capture • DecidrOS moved from beta launch in October 2025 to commercial deployment • Listed on AWS Marketplace in March 2026 and accepted into the AWS ISV Accelerate Program in July 2026 • Partner network of more than 14 relationships, with additional reseller contracts across the United States, Australia and Singapore • Efficiency program initiated in the fourth quarter targeting approximately A$5 million in annualised cost reductions FY26 at a glance 6 Consecutive quarters of AER growth 100% Ownership of Decidr.ai following acquisition of the remaining 49% 14+ Partner relationships A$33.1m Raised across two placements, net of transaction costs A$5m Annualised cost reduction target 1 Annualised Exit Revenue (AER) equals total invoiced revenue in the last month of the quarter multiplied by 12. AER includes ARR/MRR revenue and contract revenue across Decidr Partnerships, DecidrOS Foundation Customer and Sugarwork. It excludes invoiced revenue from Edible Beauty. 2 FY25 AER is derived from the disclosed 7.5 times pcp multiple. All other FY25 figures are drawn from the 30 June 2025 annual report. 4 Decidr AI Annual Report 2026 Decidr AI Annual Report 2026 Chairman’s Address 02 Chairman’s Address Chairman’s Address Dear Shareholder, FY26 marked a significant transition for Decidr AI Industries - from building an AI platform to commercialising an AI software business. We began the year with a majority interest in Decidr.ai and DecidrOS still under development.We ended the year with full ownership of the business, DecidrOS in market and generating revenue, an established US presence through Sugarwork, an expanding partnership and distribution network including AWS, and six consecutive quarters of annualised exit-rate growth. This progress coincided with an important shift in the AI market. Enterprises are moving beyond experimentation and increasingly looking to deploy AI into production environments and core business workflows.The challenge is not simply access to increasingly capable AI models; it is turning an organisation’s knowledge, processes and ways of working into something AI can understand and act upon. That is the exact problem Decidr is designed to address. FY26 was the year we began translating that proposition into commercial deployment with paying customers and establishing the foundations for the next phase of growth. United States — Market Entry and Commercial Infrastructure Amazon Web Services — Partnership and Marketplace Google Cloud and Sovereign Compute Decidr established its United States operating entity, Decidr U.S. Inc., in Delaware in October 2025, marking the commencement of the Group’s North American expansion strategy. In January 2026, Decidr secured a position in the SOSA International Landing Pad in New York, backed by the New York City Economic Development Corporation, providing the Group with a formal commercial foothold in one of the world’s leading technology and financial services markets. During FY27, New York will serve as the commercial base for North American growth.The US-based members of the group boards – comprising Jenny Fielding,Vanessa Liu, and Vinny Lingham – bring deep expertise across venture capital, enterprise technology, and emerging markets to support the Group’s North American strategy. In March 2025, Decidr announced a strategic partnership with Amazon Web Services. During the third quarter of FY26, DecidrOS was listed on the AWS Marketplace under the Fast Track program, with DecidrOS going fully live on AWS Marketplace in June 2026, including integrated AWS and Stripe billing. In July 2026, Decidr reached the next step in the Fast Track program and was accepted into the AWS ISV Accelerate Program, enabling co- sell engagement with the AWS sales organisation and providing access to AWS’s global enterprise customer base. Decidr initiated its Google Cloud relationship in the fourth quarter of FY26. In March 2026, the Group also executed a memorandum of understanding with an Asia-Pacific and Japan data centre provider for NVIDIA GPU inventory, establishing the infrastructure foundation for sovereign and high-performance AI compute. In May 2026, SCX.ai became the first Australian node for sovereign inference on the Decidr platform. Additional compute nodes across the United States, European Union, and Asia- Pacific are scheduled on the Group’s infrastructure roadmap, positioning Decidr to serve enterprise customers in markets where data sovereignty and regulatory compliance requirements demand localised AI infrastructure. Key Highlights 6 Chairman’s Address Performance Commercial momentum built through every quarter. Annualised exit-rate revenue1 reached $13.6 million at 30 June 2026, 1.7 times the March 2026 exit rate and 7.5 times the prior corresponding quarter. Statutory revenue of $4.7 million was up 99% on FY25.Trade receivables of $1.4 million at year end reflect how much of that invoicing landed in the final quarter. The net loss after tax was $32.4 million.That figure reflects deliberate investment in product, go-to-market and the United States build, and the Board treats it as a number that has to come down as revenue scales.We closed the year with $23.4 million in cash, up from $17.2 million at 31 March 2026. Growth was led by embedded partners and by early adopters of DecidrOS moving from pilot into production. Capital We raised $19.0 million in September 2025 and $14.2 million in May 2026, net of transaction costs and including option conversions, to fund product development, go-to-market, acquisitions, customer onboarding and United States expansion. The Board is conscious that the Company is not yet self-funding and that every dollar raised is a dollar of dilution shareholders have accepted on the expectation of returns. Against that, we initiated an efficiency program in the fourth quarter targeting approximately A$5 million in annualised cost reductions, largely through product and engineering synergies following the Sugarwork and Rumi.ai integrations. As we increase the use of our own technology internally, we expect to find further efficiencies. Outlook The Company enters FY27 with a funded balance sheet, a shrinking cost base, a product in production with paying customers, and distribution through a growing partner base. The near-term focus is straightforward: convert receivables to cash, turn pilots into longer-term customer engagements, take partner agreements through to revenue, and accelerate the commercial ramp-up of Sugarwork in the US.This includes building its sales capability, converting the existing pipeline and establishing a repeatable enterprise revenue engine. As recurring contracts become a larger share of the Group’s revenue mix, revenue recognition, invoicing and cash collection should increasingly come into closer alignment. The longer-term opportunity extends past traditional enterprise software budgets and into areas of labour spend that software has historically struggled to address. Realising it will depend on disciplined execution as the Company scales, and the Board is focused on maintaining the oversight and accountability that requires. I thank Paul Chan and the executive team, and everyone across Decidr, Sugarwork and Rumi.ai, for the intensity they brought to a year of substantial change. To our shareholders, thank you for your support.You have funded the construction of something differentiated. The Board’s responsibility is to see it commercialised with discipline. David Brudenell Executive Chairman 1 Annualised Exit Revenue (AER) equals total invoiced revenue in the last month of the quarter multiplied by 12. AER includes ARR/MRR revenue and contract revenue across Decidr Partnerships, DecidrOS Foundation Customer and Sugarwork. It excludes invoiced revenue from Edible Beauty. 7 Chairman’s Address 7 “The Company enters FY27 with a funded balance sheet, a shrinking cost base, a product in production with paying customers, and distribution through a growing partner base.” David Brudenell Executive Chairman 8 Decidr AI Annual Report 2026 Decidr AI Annual Report 2026 Operations Review 03 9 Operations Review Operations Review Building the platform The Company acquired the remaining 49% of Decidr.ai during FY26, taking full ownership of the business, its technology and its founding team.The Decidr.ai founder, Paul Chan, joined as Co-CEO and Chief Innovation Officer.The transaction consolidated technology, governance and leadership into a single structure and streamlined innovation, product development and go-to-market execution. DecidrOS moved from beta launch in October 2025 to early commercial deployment, with successive BetaOS cohorts going live through the year.The larger agentic graph platform extension goes live in FY27. The acquisition of Sugarwork established a United States operating base and added a knowledge-capture platform carrying multi-year recurring enterprise contract opportunities. Sugarwork is now the entry point for most new enterprise relationships and offers a distinct pathway for AI transformation, completing with Decidr technology. After year end, the Company acquired Rumi.ai, adding ambient knowledge capture, a natural recurring extension of initial tacit knowledge capture from Sugarwork, positioning the company in the fast-growing market of AI context capture.The Rumi engineering team has been integrated into Sugarwork in the United States. Together these assets give customers a pathway from knowledge capture through Sugarwork, to ambient tacit knowledge capture through Rumi, to sovereign model training, and in time into workflow orchestration. Each step raises customer lifetime value and deepens operational reliance on the platform. Portfolio simplification The Company completed the divestment of 13 Seeds, its hemp-based health and wellness brand, on 1 July 2025. Edible Beauty was retained through the year and is reported separately. Revenue from Edible Beauty is excluded from the annualised exit-rate revenue measure so that the figure reflects software performance only. Distribution Distribution was the principal focus of the second half. DecidrOS listed on the AWS Marketplace in March 2026 and was accepted into the AWS ISV Accelerate Program at the start of July 2026, giving the Company access to AWS co-sell motions and field alignment. A relationship with Google Cloud was initiated across infrastructure, marketplace and enterprise go-to-market. The partner network now exceeds 14 relationships.These include a teaming agreement with a Tier 1 APAC systems integrator, ICON Consulting, AE Studio, Beckway as a commercial reseller, and SCX.ai supporting sovereign AI infrastructure across APJ. Reseller contracts are in place across the United States, Australia and Singapore. Partner-led distribution is capital-efficient. It allows the Company to reach enterprise buyers without carrying the cost of a direct sales force in every market, and it is the main reason the Board is comfortable with the pace of expansion. 9 10 Geographic focus Capital is being directed to North America over the next twelve months, where enterprise AI adoption is fastest and the partner ecosystem is deepest. Australia remains the operating core, housing research and development, regional delivery, and the sovereign credentials that matter in regulated and government-adjacent markets. People The Decidr US Board was strengthened during the year with the appointment of DAI Director Jenny Fielding, Sugarwork Co-Founder Vanessa Liu and Rumi Co-Founder Vinny Lingham.Their networks across United States enterprise, venture and technology markets are already opening customer and partner conversations that would otherwise have taken years to build. Penny Diamantakiou was appointed Chief Financial Officer effective 12 May 2026, succeeding David Brady. Penny brings more than twenty years of senior finance leadership across ASX-listed, private equity backed and globally listed companies, including Nearmap,WooliesX,Yahoo7 and SingTel-Optus, with a record of building and transforming complex multinational businesses. David Brady stepped down following an orderly transition. Over his tenure, the Company completed the rebrand from Live Verdure to Decidr AI Industries, consolidated full ownership of Decidr.ai, divested non-core assets, executed more than $40 million in capital initiatives, and acquired Sugarwork to establish the Decidr US subsidiary.The Board thanks him for his contribution. Priorities for FY27: Cash Conversion: Pilot to Contract: Partner Revenue: Agentic Graph Platform: Rumi.ai Integration: North American Growth: Operations Review $ Progress receivables through to cash collection Convert pilots into longer-term customer engagements Take partner agreements through to revenue generation Deliver the agentic graph platform extension Complete the Rumi.ai integration and realise the targeted cost synergies Grow the North American customer base 11 Decidr AI Annual Report 2026 Decidr AI Annual Report 2026 Board and Leadership 04 12 Board and Leadership Board and Leadership David Brudenell Executive Chairman, Decidr AI Industries Ltd Co-CEO Decidr.AI Pty Ltd. Appointed Non-Executive Chair 15 March 2024, Executive Chairman 11 October 2024, Co-CEO 18 November 2025. David has twenty years of international executive experience spanning start-up to IPO, venture capital, and large private and listed companies including Eclipx and Appen. At Appen he led the Global Solutions and Advanced Research teams, working at the frontier of generative AI and machine learning for major global technology companies and federal agencies. He holds an MBA in Finance and International Business and advises several United States artificial intelligence and consumer companies. Adrian Bunter Non-Executive Director. Appointed 15 March 2024. Adrian is a Partner of Modus Partners Australia, a boutique technology, media and commerce financial advisory firm, and has more than thirty years of experience in accounting, finance and corporate advisory, including mergers and acquisitions, business divestments, debt and equity raisings, and strategy development and execution. He is a member of the executive committee of Sydney Angels, Australia’s leading angel investing group, and is an adviser to or non-executive director of several high growth technology businesses. He holds a Bachelor of Business from the University of Technology Sydney and a Graduate Diploma in Applied Finance, and is a member of Chartered Accountants Australia and New Zealand and The Chartered Institute for Securities & Investment. He is also a Non-Executive Director of 8Common Limited (ASX: 8CO) and CL8 Holdings Limited (ASX: CL8). Jenny Fielding Non-Executive Director. Appointed 1 August 2024. Based in New York, Jenny brings a background spanning law, finance, technology and investment. She founded two mobile software companies before moving into early-stage investing, and spent seven and a half years as Managing Director at Techstars. She co-founded Everywhere Ventures, a global venture capital firm, and has been the first investor in more than 250 technology companies, five of which have reached unicorn valuations. She is an adjunct professor at Columbia University and Cornell Tech. Jenny also joined the Decidr US Board during FY26. 13 Paul Chan Founder Co-CEO of Decidr.AI Pty Ltd Paul Chan is Founder and Co-CEO of Decidr.AI Pty Ltd. He holds a degree in Land Economics and began his career working on large-scale development projects in Australia, before moving into internet projects in Silicon Valley at the height of the dot-com boom - an experience that shaped his thinking on how the world was expanding from physical into virtual spaces. Paul founded Pureprofile in 2000, raising capital from major institutions, building international teams and alliances, and developing industry-leading technology platforms. In July 2015, he took Pureprofile public on the Australian Securities Exchange, establishing it as a global business with offices worldwide. Much of Pureprofile’s original vision is captured in Paul’s 2002 patent, granted in Australia, New Zealand, Singapore, Israel and South Africa. Penny Diamantakiou Chief Financial Officer. Appointed 12 May 2026. Penny has more than two decades of experience across ASX- listed, private equity backed and globally listed companies, with senior finance leadership roles at Nearmap,WooliesX, Yahoo7 and SingTel-Optus. She has a track record in high growth technology and software businesses and in building and transforming complex multinational operations. She succeeded David Brady, who stepped down during the year. Eric Chu Chief Product & Technology Officer Appointed 4 May 2026. As Chief Product and Technology Officer, Eric brings more than 20 years of experience building and scaling enterprise technology platforms, including senior roles at FEVO and AbbVie’s Allergan Aesthetics. He leads the architecture of the group’s AI and knowledge infrastructure, connecting them into a scalable enterprise agentic technology stack. Andre Liao Chief Revenue Officer, CEO - Sugarwork Appointed 24 August 2026 Bringing more than 25 years of experience scaling venture- backed and listed software companies, most recently as CEO of AI-driven software testing company Appvance. Andre is responsible for scaling the business globally, expanding enterprise adoption and positioning its knowledge-capture platform as a core component of enterprise AI transformation. Executive leadership Board and Leadership 14 Decidr AI Annual Report 2026 Decidr AI Annual Report 2026 Directors’ Report & Remuneration Report 05 15 Decidr AI Industries Ltd Corporate directory 30 June 2026 Directors David Brudenell (Executive Chairman) Adrian Bunter (Non-Executive Director) Jenny Fielding (Non-Executive Director) Chief Financial Officer Penny Diamantakiou (appointed 12 May 2026) Company Secretaries David Hwang and Elizabeth Spooner Registered office Level 20 347 Kent Street Sydney NSW 2000 Principal place of business Level 20 347 Kent Street Sydney NSW 2000 Auditor Horizon Nexus (Audit) Pty Ltd (formerly MVAB Audit Pty Ltd) Level 4, 35 Collins Street Melbourne VIC 3000 Tel: +61 3 9694 3000 Share registry Automic Pty Limited Level 5, 126 Philip Street Sydney NSW 2000 Tel: +61 2 9698 5414 Solicitors Hamilton Locke Stock exchange listing Decidr AI Industries Ltd shares are listed on the Australian Securities Exchange (ASX code: DAI) Website www.decidrindustries.ai Corporate Governance Statement Decidr AI Industries Ltd’s directors and management are committed to conducting the Group’s business ethically and in accordance with high standards of corporate governance. Decidr AI Industries Ltd has adopted and substantially complied with the ASX Corporate Governance Principles and Recommendations (Fourth Edition) (`Recommendations') to the extent appropriate to the size and nature of its operations. The Corporate Governance Statement, which sets out the corporate governance practices that were in operation during the financial year and identifies and explains any Recommendations that have not been followed, was approved by the Board of Directors at the same time as the Annual Report and can be found in the corporate governance section on the Company's website: https://decidrindustries.ai/corporate-governance 16 Decidr AI Industries Ltd Directors' report 30 June 2026 The directors present their report, together with the financial statements, consisting of Decidr AI Industries Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled (collectively referred to hereafter as the 'Group') at the end of, or during, the financial year ended 30 June 2026. Directors The following persons were directors of Decidr AI Industries Ltd during the whole of the financial year and up to the date of this report, unless otherwise stated: David Brudenell (Executive Chairman) Adrian Bunter (Non-Executive Director) Jenny Fielding (Non-Executive Director) Principal activities During the financial year, the principal continuing activities of the Group consisted of the development and commercialisation of the Al-powered B2B software products and online sales of Australian beauty, functional food and nutraceutical products. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations During the financial year ended 30 June 2026, the Group continued its transition into an Agentic Artificial Intelligence ('Agentic AI') enablement group. In November 2025, following shareholder approval, the Group acquired the remaining 49% interest in Decidr.ai Pty Ltd, increasing its ownership to 100%, and during the financial year it completed the acquisition of Sugarwork, Inc., a United States- based knowledge-capture and enterprise collaboration platform, held through Decidr US, Inc. The Group launched its DecidrOS platform and the Decidr Agentic Graph, and the Group's annualised revenue exit rate grew to approximately $8.06 million by March 2026. The Group expanded its partner ecosystem, including arrangements with ICON Consulting Group, Amazon Web Services, AE Studio, Beckway, CareerOne and the Australian Institute of Management, and continued to operate its Edible Beauty consumer brand. The Group strengthened its balance sheet through equity raises, including a $20 million (gross) placement in September 2025 and a $15 million (gross) placement in May 2026. The Group recorded a loss after income tax attributable to owners of the Company of $32.40 million for the year ended 30 June 2026 (30 June 2025: profit of $71.11 million), reflecting the Group's investment in building the technology, capability and market presence required to support its next stage of commercial growth. The result includes $2.59 million of non-cash share-based payment expense (30 June 2025: $11.55 million). The prior-year profit included an $88.38 million non-cash net fair value gain arising from the additional investment in the associate. As a result, the statutory results between periods are significantly affected by non-cash items and should be considered in the context of the Group's ongoing development and investment phase. On 1 July 2025, the Group divested its hemp-based 13 Seeds brand. Key highlights United States ('US') - market entry and commercial infrastructure ● The Company established its US operating entity, Decidr U.S. Inc., in Delaware in October 2025, marking the commencement of the Group's North American expansion strategy. ● In January 2026, the Group secured a position at the SOSA International Landing Pad in New York, backed by the New York City Economic Development Corporation, providing the Group with a formal commercial foothold in one of the world's leading technology and financial services markets. ● During FY27, New York will serve as the commercial base for North American growth. The Group's US advisory board, established in July 2026, comprises Jenny Fielding, Vanessa Liu, and Vinny Lingham - who bring deep expertise across venture capital, enterprise technology, and emerging markets to support the Group's North American strategy. 17 Decidr AI Industries Ltd Directors' report 30 June 2026 Amazon Web Services - partnership and marketplace ● In March 2025, the Group announced a strategic partnership with Amazon Web Services ('AWS'). During the third quarter of FY26, DecidrOS was listed on the AWS Marketplace under the Fast Track program, with the platform going fully live on AWS Marketplace in June 2026, including integrated AWS and Stripe billing. ● In July 2026, the Group was accepted into the AWS ISV Accelerate Program, enabling co-sell engagement with the AWS sales organisation and providing access to AWS's global enterprise customer base. Google Cloud and sovereign compute ● The Group initiated its Google Cloud relationship in the fourth quarter of FY26. In March 2026, the Group executed a memorandum of understanding with an Asia-Pacific and Japan data centre provider for NVIDIA GPU inventory, establishing the infrastructure foundation for sovereign and high-performance AI-powered compute. ● In May 2026, SCX.ai became the first Australian node for sovereign inference on the Decidr platform. Additional compute nodes across the US, European Union, and Asia-Pacific are scheduled on the Group's infrastructure roadmap, positioning the Group to serve enterprise customers in markets where data sovereignty and regulatory compliance requirements demand localised AI-powered infrastructure. Financial performance During the financial year ended 30 June 2026, revenue from ordinary activities increased to $4,727,000 (30 June 2025: $2,375,000). Research and development tax incentive grants during the financial year increased to $2,207,000 (30 June 2025: $589,000). Interest revenue increased to $689,000 (30 June 2025: $163,000) due to holding higher cash balances during the financial year, from option exercises and a share placement. During the financial year ended 30 June 2026, the Group incurred a share-based payment expense of $2,591,000 (30 June 2025: $11,554,000) relating to the issue of options to directors and staff. Financial position The net assets increased from $99,704,000 as at 30 June 2025 to $126,607,000 as at 30 June 2026. The increase was primarily due to an increase in the cash balance driven by proceeds received from the issue of shares. Investment inflows during the financial year included $20,000,000 from a share placement in September 2025 and $15,000,000 from a share placement in May 2026, increasing cash on hand as at 30 June 2026. Proceeds from the exercise of options amounted to $10,364,000. The transaction cost related to the issue of equity securities was $1,853,000. The cash reserves of the Group increased to $23,371,000 (30 June 2025: $7,752,000) as at 30 June 2026. The directors consider Underlying Earnings Before Interest, Tax, Depreciation and Amortisation ('EBITDA') to reflect the core earnings of the Group. Underlying EBITDA is a financial measure which is not prescribed by Australian Accounting Standards ('AAS') and represents the profit or loss under AAS adjusted for non-cash and significant items. The following table summarises key reconciling items between statutory loss after income tax and underlying EBITDA for the current and previous financial year: 2026 2025 $'000 $'000 (Loss)/profit before income tax expense (32,608) 68,517 Add: Depreciation and amortisation expense 9,309 66 Add: Finance costs 887 583 Add: Share-based payments expense 2,591 11,554 Less: Net gain on remeasurement to fair value from the additional investment in the associate - (88,383) Less: Gain on sale of subsidiary (73) - Underlying EBITDA (19,894) (7,663) Significant changes in the state of affairs On 1 July 2025, the Company entered into a binding agreement to divest its hemp-based health and wellness brand, 13 Seeds, to an independent private Australian purchaser who is an established operator in the hemp sector and the sale was completed on the same day. The sale was executed on 1 July 2025 via a share sale agreement involving the transfer of the 13 Seeds business. Proceeds from the sale were $65,000. 18 Decidr AI Industries Ltd Directors' report 30 June 2026 On 25 August 2025, the Company entered into a binding sale agreement to acquire the remaining 49% interest in Decidr.ai Pty Ltd ('Decidr'), increasing the Company's ownership to 100%. Following receipt of shareholder approval at the AGM on 14 November 2025, Decidr became a wholly owned subsidiary of the Company. The acquisition consideration was facilitated by an issue of 78,400,000 ordinary shares in the Company ('Consideration Shares') to the vendor, Techne Capital Pty Ltd ('Vendor'). The acquisition is consistent with the Company's focus on delivering shareholder value through strategic growth initiatives and the continued development and commercialisation of Al-powered technology across its operations. The binding agreement contains a number of commercial terms including the requirement to pay the existing loan, with a face value of $13,200,000, from the Vendor (which funded the Group's prior acquisition of a 6% interest in Decidr); the Company completing due diligence to its sole and absolute satisfaction; and the Company receiving all relevant consents and regulatory approvals to give effect to the transaction. For the remainder of the sale agreement terms and conditions of the transaction refer to ASX release dated 25 August 2025. The Company convened a general meeting for the issue of the Consideration Shares in November 2025. On 22 September 2025, the Company announced that further to its ASX Announcement dated 19 September 2025, the Company had received binding commitments for its $20 million placement, raising approximately $20,000,000 (b