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- Listed gaming stock iCandy Interactive (ICI) has frozen its shares as it prepares to cash in on a capital raising venture
- For now, ICI shares will stay locked up until Tuesday, September 15, unless iCandy can announce the fundraising details earlier
- Until that stage, shareholder’s won’t know how much the tech-centric game developer intends to raise or what it’ll put the funding towards
- The raise comes after iCandy tabled a 25 per cent slide in revenue and more than tripled its losses in its latest half-year report
- The tech-centric game developer also went cashflow negative by roughly $236,000 over the period and had just over $250,000 in cash reserves
- iCandy shares last traded for 2.4 cents on Thursday, September 10
Listed gaming stock iCandy Interactive (ICI) has frozen its shares as it prepares to cash in on a capital raising venture.
For now, ICI shares will stay locked up until Tuesday, September 15, unless iCandy can announce the fundraising details earlier.
Until that stage, shareholder’s won’t know how much the tech-centric game developer intends to raise or what it’ll put the funding towards.
In its latest interim report, iCandy tabled a 25 per cent slide in revenue compared to the same time last year.
The company also tripled its loss over the period, reporting it was nearly $1 million in the red on June 30. In comparison, by the end of the 2019 financial year, iCandy tabled a $296,807 loss.
While iCandy brought in over $600,000 in revenue over the half-year, it wasn’t enough to balance out nearly $1 million in supplier and employee payments — meaning the company went cashflow-negative by roughly $236,000.
By June 30, iCandy had roughly a quarter of a million stowed in the bank. However, it’s a far drop when compared to the same period last year, where the company had almost $983,000 in cash reserves.
iCandy shares last traded for 2.4 cents on Thursday, September 10.
