- Whisky company Lark Distilling Co (LRK) has entered a trading halt ahead of a capital raising
- It is unknown how much the company intends to raise and what the funds will be for
- Company shares will stop trading until Monday (September 21) or when it releases more information about the raise
- For the June quarter, Lark Distilling saw a sales growth of $2.2 million, which is 45 per cent higher than June 2019
- Lark Distilling last traded on the market for $1.10 on September 16
Whisky company Lark Distilling Co (LRK) has entered a trading halt ahead of a capital raise.
The company has not given any details on how much it is aiming to raise or where the funds will go.
Company shares will be frozen until Monday, September 21, unless the capital raise is announced earlier.
June quarter 2020
In the June 2020 quarter, Lark Distilling brought in $2.2 million in sales, which marks a 45 per cent year-on-year growth from June 2019.
The company didn't experience any adverse impact from COVID-19 during the quarter and saw no interruption to the core business of making and laying down whisky.
As of June 30, Lark Distilling had a value of $98 million of whisky under maturation.
Additionally, the company launched its very own hand sanitiser during the June quarter. This helped Tasmanian government departments and multiple private businesses.
The anticipated demand for the hand sanitiser is lower than expected due to the successful management of COVID-19 in Tasmania. However, the business is ready to support the state if a second wave hits.
Lark Distilling last traded on the market for $1.10 on September 16.