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- Frugl Group (FGL) has locked up its shares with back-to-back trading halts as it gears up to undertake a capital raise
- The exact details of the capital raise are not clear at this stage, but more details should be released by September 22 at the latest
- The company recently provided an update on its Frugl Groceries app, revealing its total users count had grown after it launched a second version
- The app has also received positive feedback from customers and a test of its auto-scaling capabilities proved successful
- Shares in FGL last traded for 3.3 cents each on September 16
Price comparison platform Frugl (FGL) has locked up its shares with back-to-back trading halts as it gears up to undertake a capital raise.
Shareholders will have to wait until September 22 to find out the details of the fundraise, unless the company releases an announcement early.
More recently, Frugl provided investors with an update on its grocery comparison and wellness mobile app, Frugl Groceries, which compares prices of common supermarket items.
The company released a second version of the Frugl Groceries app on September 1, this year and has since recorded a big uptick in users.
Frugl said in the two weeks since the version 2.0 launch, total active users have grown by 37 per cent from 13,060 users to 17,888 users.
Additionally, the company said since the launch, the app has received positive user feedback with over 2000 customer reviews captured.
The app was boosted by a feature story being run on the product on Channel Nine’s 6:00 pm news.
The story also served to test the app’s auto-scaling capabilities, which essentially involves a new server being launched when heavy traffic is recorded.
Frugl said its app reported no speed issues, despite average database queries jumping from 200 per hour to 5700 per hour when the story aired.
Before today’s trading halt, shares in the company were trading for 3.3 cents each on September 15.
