PainChek (ASX:PCK) enters mid-week trading halt

• PainChek (PCK) enters a mid-week trading halt regarding the release of a placement and non-renounceable entitlement offer announcement
• The company will remain in the halt until June 24 or when the announcement is released, whichever occurs first
• Prior to entering the trading halt, PainChek’s most recent news was the release of its March quarterly update
• The company reported a 66 per cent increase in revenue from the previous quarter to $303,000 and unaudited year-to-date revenue of $635,000
• Shares in PainChek last traded at 3.3 cents on June 21

PainChek (PCK) has entered a mid-week trading halt regarding the release of a placement and non-renounceable entitlement offer announcement.

The company will remain in the halt until June 24 or when the announcement is released, whichever occurs first.

PainChek is yet to disclose how much it intends to raise and what it will use the funds for once received.

Prior to entering the trading halt, PainChek’s most recent news was the release of its March quarterly update.

The company reported a 66 per cent increase in revenue from the previous quarter to $303,000 and unaudited year-to-date revenue of $635,000 – up 345 per cent from the previous year.

PainChek burnt through more than $1.7 million with the majority going towards staff costs and invested $8000 in its property, plant and equipment.

As of March 31, PainChek had more than $4.73 million in total available funding, representing three quarters of use if spending levels remain the same.

PainChek last tapped investors for cash in August 2020 when it undertook a $10 million placement.

The funds were raised through the issue of 90.9 million new shares to professional and sophisticated investors at a price of 11 cents each.

PainChek said it would use the funds to target the international expansion of its adult dementia app in multiple markets.

Shares in PainChek last traded at 3.3 cents on June 21. The company has a $37.37 million market cap.