Prenetics Global Limited finalized a warrant exchange that consolidates roughly 83.4% of its outstanding Class A and Class B warrants into a single Class C warrant. The exchange reduces the total number of outstanding warrants by about 42%, cutting the potential share overhang that could dilute ordinary shareholders.
Under the terms, holders of the original warrants receive new Class C warrants with an exercise price of $18.00, a two‑year life, and a forced‑redemption trigger that activates if the share price reaches $21.60 for ten consecutive trading days. The new warrants are issued upon the effectiveness of a Form F‑3 registration statement, aligning the exercise window with the company’s public reporting schedule.
The move follows a financing round in October 2025 that raised $44–$48 million and issued 5,445,284 Class A and Class B warrants. By converting 4,539,722 of those into 2.27 million Class C warrants, Prenetics will leave approximately 3.18 million warrants outstanding, a 42% reduction from the October baseline and potentially up to 50% if all warrants are exercised.
Simplifying the warrant structure is intended to improve the investability of Prenetics’ ordinary shares. Management explained that the consolidation removes the complexity of multiple warrant classes, making it easier for institutional investors to assess dilution risk and for the company to price its equity. The exchange also supports the firm’s strategic focus on the high‑growth IM8 wellness brand, which generated $108 million in annualized recurring revenue in October 2025, and its Bitcoin treasury strategy, which began with a $20 million purchase in June 2025 and now holds roughly 275 BTC valued at $31 million.
CEO Danny Yeung said the program “materially improves our long‑term dilution profile, reduces warrant overhang, and enhances the investability of our ordinary shares.” The company emphasized that the exchange is not tied to any new financing and that it has no plans for near‑term equity or equity‑linked capital raises, underscoring its commitment to a lean capital structure while pursuing growth in its core health and digital asset initiatives.
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