CONTROL BIONICS LIMITED — Capital/Financing Update 2023

Jul 31, 2023

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1 August 2023

RESULTS - RIGHTS ISSUE OFFER

Control Bionics Limited ( CBL ) is pleased to announce that its Non-Renounceable Rights Issue ( Rights Issue ) has closed raising a total of $1,133,341. CBL has received valid entitlement applications for new shares as follows:

Shares	Number of shares	Amount $
Entitlements taken up	8,845,464	840,319
Additional subscriptions	3,084,426	293,022
Total	11,929,890	1,133,341

The number of shares on issue in CBL at the completion of the Rights Issue is as follows:

	Number of shares
Existing shares on issue at time of offer	90,479,028
New shares	11,929,890
Total shares on issue	102,408,918

The CEO and Managing Director, Jeremy Steele, said the following about the rights issue:

“We’re grateful for shareholder support as we continue to grow Control Bionics. The addition of this capital provides us with headroom as we expand our existing operations in the USA, Australia and Japan. Whilst the amount raised is lower than we initially sought, this capital will support the business into 2024 and we will assess the need for additional capital at a later time.”

This announcement is authorised by CBL’s Chairman, Roger Hawke.

About Control Bionics:

Control Bionics is a medical device company assisting patients whose ability to communicate verbally or via text and social media is compromised by illnesses such as Motor Neurone Disease (MND)/ Amyotrophic Lateral Sclerosis (ALS), Spinal Cord Injury, Traumatic Brain Injury and Cerebral Palsy among others. Our core patented NeuroNode technology is a wireless wearable device that detects minute signals sent from the brain to any skeletal muscle and is captured as Electromyography (EMG) signals which are processed on personal computers, smartphones and tablets to generate text, text to speech, email and other computer-controlled functions. Our technology is integrated with eye gaze technology whereby the eye gaze enables a cursor to be moved about a computer screen, driven much like a mouse, and the NeuroNode acts as like the mouse button. Control Bionics produces the only system to harness three modalities – touch, eye movement and EMG control – which combined yield unique benefits in terms of the ability of patients to express themselves with significantly faster speed and less fatigue.

Control Bionics recently extended its offering to mobility with the launch of DROVE – the autonomous wheelchair module. DROVE allows powered users the independence to operate their wheelchairs in their own homes for the first time.

Control Bionics operates in North America, Australia, Singapore and Japan.

Control Bionics Limited

Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com

ABN: 45 115 465 462