Following the resignation of four of its directors on Sept 1, as well as the postponement of its extraordinary general meeting (EGM) on Aug 27, Catalist-listed Axington is extending the offer period for its rights issue.

See: Axington chairman Shen and three other directors quit, citing 'public scrutiny' and 'health reasons' and Axington's Obama-inspired EGM postponed; independent director resigns

Axington announced the proposal to undertake a 2-for-1 renounceable non-underwritten rights issue of up to 95.2 million new ordinary shares, at an issue price of 10 cents for each rights share on July 29. 

The issue price of 10 cents represents a 52.7% discount to the volume-weighted average price of 21.1 cents per share on July 13, the last trading day prior to the release of the announcement.

The original deadline for splitting rights and trading of “nil-paid” rights was September 3, 5pm. The deadline for the acceptance of and payment for the rights shares and application and payment for excess rights shares was to be September 9, 5pm, or 9.30 pm for electronic applications.

The company, on August 26, requested for a trading halt in its shares. This was followed by a voluntary trading suspension on August 31, pending an announcement related to “strategic changes” in the business.

Axington shares last traded at 19 cents, up 280% year to date.