Mighty Kingdom (ASX:MKL) - Managing Director & CEO, Phillip Mayes
Managing Director & CEO, Phillip Mayes
Source: InDaily
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  • Video game developer Mighty Kingdom (MKL) has placed its securities in a trading halt as it gets ready to raise additional capital
  • The technology stock entered the trading halt this morning and will remain halted from trade until Wednesday, or until it releases the fundraise announcement
  • MKL ended the September quarter with $9.79 million worth of cash in the bank, having spent $3.7 million on operations, giving it 2.6 quarters of growth left
  • Before today’s trading halt, company shares were trading at 17 cents each

Video game developer Mighty Kingdom (MKL) has placed its securities in a trading halt as it gets ready to raise additional capital.

The technology stock entered the trading halt this morning and will remain halted from trade until Wednesday, December 15.

An announcement on the proposed capital raise should be released on or before that date, setting out the full details of the raise.

MKL recently ended the September quarter with $9.79 million worth of cash in the bank, having spent $3.7 million on operations.

At that rate of burn, it’s estimated the game developer only had 2.6 quarters worth of growth left.

In terms of activities, MKL said in its September quarter update that it was working on Project Ball Stars — its first original console game, set to be released next year.

It’s also aiming to release Conan Chop Chop with Funcom in 2022.

Before today’s trading halt, company shares were trading at 17 cents each on December 10.

MKL by the numbers
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