- Pacific American Holdings (PAK) has locked up its shares in a trading halt as it gets ready to execute a capital raise
- PAK’s shares will remain frozen until Tuesday, September 15, unless the company announces the details of the raise before then
- Today’s capital raising venture comes one day on from the release of Pacific’s 1H CY20 results
- The company had just over $891,000 in the bank at June 30, after burning through over $441,000 in operating costs
- It also recorded a loss after income tax of over $443,000, which is down on the loss recorded during the same period in 2019
- Shares in PAK last traded for two cents each on September 10
Steel and renewable energy business Pacific American Holdings (PAK) has locked up its shares in a trading halt as the company gets ready to execute a capital raise.
The company’s shares will remain frozen until Tuesday, September 15, unless the company announces the details of the raise before that date.
Today’s capital raising venture comes one day on from the release of Pacific’s half-yearly report – setting out the company’s finances.
At the end of June 30, 2020, PAK had just over $891,000 in cash in the bank after burning through over $441,000 in operating costs.
The company also recorded over $443,000 in loss after income tax, which is actually an improvement on the previous corresponding period’s loss of just over $669,000.
Before shares in PAK were locked up today, the steel stock was trading for two cents each on Thursday, September 10.