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- Redflow’s (RFX) securities have been halted from trading as the company gets ready to announce a capital raise
- The sustainable energy storage business entered a trading halt on Tuesday morning, giving it time to plan and announce the fundraise
- It’s now known how much the energy stock will aim to raise, with full details of the raise expected to be released before Thursday
- Redflow ended the March quarter well funded, with $7.2 million in the bank, enough cash to keep it going for another 5.4 quarters
- Company shares last traded at 6.4 cents per share on Monday, June 21
Redflow’s (RFX) securities have been halted from trading as the company gets ready to announce a capital raise.
The sustainable energy storage business entered a trading halt on Tuesday morning to allow it time to plan and announce the fundraise.
At this stage, it’s not known how much the energy stock is aiming to raise, with the full details of the raise expected to be announced on or before Thursday, June 24.
However, in RFX’s recent quarterly report, the company said it had ended March well-funded, with $7.2 million in the bank.
The business burnt through $1.35 million on operating expenses during the three-month period, meaning it had enough cash in the bank to keep it going for another 5.4 quarters of growth.
Commenting on the company’s future plans, CEO and Managing Director Tim Harris said in the quarterly the company was focussed on growth.
“We continue to see further exciting opportunities for Redflow in Australia and offshore,” Mr Harris said.
“A number of those projects are getting larger, with several MWh projects in our pipeline.”
Before Tuesday’s trading halt, shares in Redflow were trading at 6.4 cents per share on Monday, June 21.
