EBR Systems Launches $150M Underwritten Raise for Wireless Pacing Expansion
EBR Systems launches $150 million capital raise to advance WiSE wireless pacing system
EBR Systems has announced a fully underwritten A$150.0 million capital raise through the issuance of approximately 394.7 million new CHESS Depositary Interests (CDIs). The raise is structured to fund sales and marketing expansion, manufacturing scale-up, R&D and clinical activities, working capital and costs of the offer, positioning the company to accelerate commercialisation of its WiSE cardiac pacing technology in the United States.
The offer price has been set at A$0.38 per CDI, representing a 19.1% discount to the last closing price of A$0.47 (3 June 2026), a 15.6% discount to the 5-day volume-weighted average price (VWAP) of A$0.450, and an 11.2% discount to the theoretical ex-rights price of A$0.428.
Canaccord Genuity (Australia) Limited, E&P Capital Pty Ltd and Morgans Corporate Limited are acting as joint underwriters, joint lead managers and joint bookrunners for the raise. The fully underwritten structure provides funding certainty and signals institutional confidence in the company’s commercial trajectory as it pursues US market penetration for its wireless cardiac pacing device.
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How the capital raise is structured
The raise comprises two components: an institutional placement of approximately A$64.4 million and a 1-for-2 pro rata accelerated non-renounceable entitlement offer of approximately A$85.6 million.
The institutional placement is split into two tranches. Tranche 1 comprises A$29.4 million and does not require securityholder approval. Tranche 2 is a A$35.0 million conditional placement to existing securityholders, subject to securityholder approval at a special meeting expected in August 2026.
The institutional component of the entitlement offer raised A$42.0 million gross, with approximately A$8.4 million taken up by eligible institutional securityholders and approximately A$33.6 million placed to eligible institutional and sophisticated investors via bookbuild. The retail entitlement offer opens 11 June 2026 and will raise a further A$43.6 million.
| Component | Amount | Status |
|---|---|---|
| Tranche 1 Placement | A$29.4m | Completed |
| Tranche 2 Placement | A$35.0m | Subject to securityholder approval (Aug 2026) |
| Institutional Entitlement Offer | A$42.0m | Completed |
| Retail Entitlement Offer | A$43.6m | Opens 11 June 2026 |
| Total | A$150.0m | Fully underwritten |
Settlement for Tranche 1 Placement and the Institutional Entitlement Offer is scheduled for 11 June 2026. Tranche 2 Placement settlement is expected in August 2026, subject to approval. This structure allows existing shareholders to participate pro rata while providing immediate funding certainty through the fully underwritten institutional tranches.
What is a fully underwritten capital raise?
A fully underwritten capital raise means the underwriters have contractually committed to subscribe for any CDIs not taken up by investors, guaranteeing the company will receive the full A$150 million regardless of investor demand. In this case, Canaccord, E&P Capital and Morgans have jointly underwritten the raise, sharing the commitment across the three firms.
This structure removes funding uncertainty for EBR Systems. If institutional or retail investors do not subscribe for all available CDIs under the entitlement offer or placement, the underwriters are obligated to purchase the shortfall themselves or procure subscriptions from other investors.
By contrast, a non-underwritten raise carries execution risk. If investor demand falls short, the company receives less capital than targeted, potentially leaving growth plans underfunded. The fully underwritten commitment from three institutional underwriters demonstrates confidence in EBR Systems’ investment case and provides shareholders with certainty that the stated growth initiatives will be funded.
WiSE technology and the commercial opportunity
EBR Systems’ WiSE (Wireless Stimulation Endocardially) technology is the world’s only wireless, endocardial pacing system for stimulating the heart’s left ventricle. The device is roughly the size of a large grain of rice and eliminates the need for pacing wires on the outside of the heart’s left ventricle, which have historically been the major source of complications in cardiac rhythm disease management.
WiSE is the company’s initial product, designed for heart failure patients requiring Cardiac Resynchronisation Therapy (CRT). The system is currently only available for sale in the United States, where WiSE is currently available for sale. In most other markets, WiSE remains an investigational device.
Beyond the US, EBR is also advancing a TGA Priority Review pathway in Australia, a second market that could reduce dependence on a single geography and broaden the long-term commercial base for the WiSE platform as the company scales.
Future potential applications include wireless endocardial stimulation for bradycardia and other non-cardiac indications. The WiSE platform addresses the major source of complications in cardiac pacing (leads) and is now positioned for US commercial scale-up with capital secured.
Use of funds and strategic priorities
The proceeds from the A$150 million raise will be allocated across the following priorities:
- Sales and marketing expansion
- Manufacturing scale-up
- R&D and clinical activities
- Working capital
- Costs of the offer
The allocation of capital across commercial, manufacturing and R&D functions suggests EBR Systems is transitioning from development to commercial scale and market penetration in the US. With FDA approval secured and the WiSE system available for sale in the United States, the raise positions the company to execute its commercialisation strategy and advance its pipeline.
WiSE commercial implant volumes more than doubled in Q1 2026, with 41 procedures completed across the Limited Market Release and preliminary revenue reaching US$2.25-2.36 million for the quarter, establishing the commercial baseline this raise is designed to accelerate.
Key dates for shareholders
Critical dates for shareholders participating in the retail entitlement offer:
- Record Date: 7:00pm (Sydney time) Friday, 5 June 2026
- Retail Entitlement Offer opens: Thursday, 11 June 2026
- Institutional Offer Settlement: Thursday, 11 June 2026
- Retail Offer closes: 5:00pm Monday, 22 June 2026
- Retail Offer Allotment: Monday, 29 June 2026
- Tranche 2 Placement (subject to approval): Expected August 2026
Retail shareholders have until 22 June 2026 to participate in the pro rata offer and maintain their proportional ownership.
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Looking ahead
EBR Systems is based in Silicon Valley (Sunnyvale, California) and is dedicated to superior treatment of cardiac rhythm disease through wireless cardiac pacing. With WiSE approved by the FDA and available for sale in the US, the company is positioned to pursue commercial expansion in the world’s largest medical device market.
The Tranche 2 Placement remains subject to securityholder approval at a special meeting expected in August 2026. With a fully underwritten A$150 million raise announced, pending securityholder approval of the Tranche 2 Placement and completion of the retail entitlement offer, EBR Systems is positioned to execute its US commercial expansion strategy, scale manufacturing operations, and advance its product pipeline.
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