Richlister Adam MacDougall adds to HITIQ backing

Former rugby league star Adam MacDougall has poured a further $3m into ASX-listed microcap HITIQ.

Entrepreneur and former NRL star Adam MacDougall with former Wallaby Stephen Hoiles. Picture Ray Bartholomeusz

Former rugby league star turned entrepreneur Adam MacDougall has poured a further $3m into ASX-listed microcap HITIQ.

MacDougall and wife Belinda, through their private investment entity Harmil Angel Investments, in May provided $1.6m to smart mouthguard technology business HITIQ via a convertible note.

The Melbourne-based company on Thursday said it had extended its existing $1.6m convertible note facility with the MacDougalls by $3m, to $4.6m

HITIQ said the funds would be used for general working capital over the next 12 months, to build production capability, accelerate global commercialisation efforts and capitalise on its current technology position.

MacDougall, who made his fortune with the Man Shake business, debuted on The List – Australia’s Richest 250 this year with an estimated $635m fortune.

HITIQ executive chairman Earl Eddings – a former Cricket Australia chairman – said the company was delighted to have Harmil strengthen its commitment through the extended convertible note agreement.

“As we continue to drive innovation in building the world’s first end-to-end concussion management platform in sport, it is important to have the right team around us,” Mr Eddings said.

HITIQ provides a total concussion ecosystem with products that support identifying, monitoring and ongoing management of sport-related head impacts.

HITIQ’s customers include the AFL, NRL and English Premier League, and it also services universities and research organisations studying the short and long-term impact of repeated head knocks during sport. The NRL is using HITIQ technology to measure the combined force of hits on players’ brains.

The convertible note facility will be at a 12.5 per cent annual interest rate calculated monthly and paid in cash or capitalised and converted to shares at conversion, 12 months after drawdown.

Nicknamed Mad Dog, MacDougall played for Newcastle, South Sydney and Sydney Roosters during a 195-game career.

He earned economics and business degrees by studying while playing, and also represented Australia and NSW.

After retiring from rugby league in 2011, MacDougall started nutrition company Cranky Health with his wife. Its flagship product is the Man Shake meal replacement.

HITIQ shares rose 0.4c to 2.6c on Thursday.

Originally published as Richlister Adam MacDougall adds to HITIQ backing