- Jayride Group (JAY) shares are locked in a trading halt while it undertakes preparations for a material capital raise
- A formal announcement regarding further details of the raise is expected on or before Thursday, June 17
- A recent cashflow report reveals JAY had approximately 4.4 quarters of funding, roughly $1.4 million, available at the end of the March quarter
- The fundraising comes amid a slight uptick in net revenues but the company is yet to return to pre-pandemic booking numbers
- Prior to the trading halt, Jayride shares last traded at 27.5 cents.
Jayride Group (JAY) shares are locked in a trading halt while it undertakes preparations for a material capital raise.
The online transport marketplace's securities are set to remain in a trading halt on or before Thursday, June 17 when details regarding the raise are made to market.
At this stage, Jayride has not indicated how much it is looking to raise or how it plans to spend the funds, however a recent cashflow report revealed the company had approximately 4.4 quarters of funding available at the time.
The same report for the March quarter affirmed net revenues had picked up 76 per cent compared to the prior quarter, reaching $195,000 amid increased travel recovery.
Jayride booked around 26,000 trips — a marked decrease on the 108,000 trips booked in the same quarter of 2020 before the pandemic struck, but well above the 15,000 trips booked in the December 2020 quarter.
Jayride reported a cash and equivalents balance of approximately $1.4 million by the end of the March quarter.
Prior to the trading halt, Jayride shares last traded at 27.5 cents.