- Product developer Hydrix (HYD) has entered back-to-back trading halts as it gets ready to announce a capital raise
- The company hasn’t released the exact details of the raise just yet, but it did flag it would likely raise equity via a placement
- Investors will have to wait until November 3, 2020, to find out how much the company is planning to raise — the last day the trading halts are in effect
- More recently, Hydrix released its annual report for the 2020 financial year which showed it had $4.2 million worth of cash in the bank
- The strong bank balance comes after HYD raised $3 million in equity via a placement and entitlement offer in July
- Shares in Hydrix last traded for 32.5 cents each on October 27
Hydrix (HYD) has entered back-to-back trading halts as it gets ready to announce another capital raise.
The company hasn’t released the exact details of the raise just yet, but it did flag it would likely raise the extra equity via a placement.
Interested investors will have to wait until November 3, 2020, to find out the exact details though, as that is the last day the trading halts are in effect.
This will be the second capital raise undertaken by Hydrix in the last five months, with the company also raising $3 million via a placement and entitlement offer in early July.
The funds helped bolster the product developer’s cash balance, with HYD revealing in its recently released FY20 annual report that it ended June 30 with $4.2 million cash on hand.
The report also showed the company had increased its group revenues by 12 per cent over the 2020 financial year, to a total of $15.9 million.
Additionally, Hydrix managed to reduce its cash operating loss to $800,000 in FY20, down from $1.95 million loss in FY19.
It ended the 2020 financial year with a $3.2 million loss after income tax, which is down compared to the previous year’s $4.2 million loss.
Before today’s two trading halts began, shares in HYD had been trading for 32.5 cents each on October 27.