(Reference is made to the abridged prospectus dated 23 April 2021 (“Abridged Prospectus”) pursuant to the rights issue of shares and rights issue of ICPS (“Rights Issue”). Unless otherwise defined, the terms used herein shall be consistent with the Abridged Prospectus.)

Reference is made to the proposed utilisation of proceeds raised from the Rights Issue of Shares as disclosed in the Abridged Prospectus. The Company had raised total gross proceeds of approximately RM23,947,847 from the Rights Issue of Shares and Rights Issue of ICPS which was completed on 28 May 2021.

The Board of Directors (“the Board”) of Bioalpha wishes to inform that as at 31 May 2022, the Company has yet to fully utilize the proceeds raised from the Rights Issue of Shares and Rights Issue of ICPS and the Board requires additional time to utilize the balance proceeds amounting to RM15,800,000 for working capital (“Extension of Time”) set out in the attachment.

The full details set out in the attachment below.

This announcement is dated 30 August 2022.