Result of Equity Issue

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce that it has raised £1.08 million via the Placing announced earlier this evening through the issue of 5,268,293 Placing Shares to investors at the Placing Price. The net proceeds of the Placing are estimated to be approximately £1.0 million.

The Placing Price of 20.5 pence per share represented a discount of 2.44 per cent. to the closing price of 21.0 pence per existing ordinary share of 5 pence each in the Company ("Ordinary Shares") on 30 November 2023, being the last business day prior to this announcement. The Placing Shares will represent approximately 6.50 per cent. of the Company's existing share capital.

Application for Admission

Application will be made for the Placing Shares to be admitted to listing on the Official List of the Financial Conduct Authority (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities. It is expected that admission of the Placing Shares will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on or around 6 December 2023 ("Admission").

The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with the Existing Ordinary Shares of the Company, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Craig Foster, Chief Executive Officer of Ondo, said: "We are delighted with the support we have received from both new and existing investors, particularly given the prevailing stock market conditions. This capital raise follows our recent series of contractual wins and provides additional capital to help us pursue this growth."

Total Voting Rights

Following Admission, the Company will have 86,366,029 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company will be 86,366,029. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company on 30 November 2023 at 5.00 p.m. to announce the launch of the Placing.

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