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- RPM Automotive (RPM) has entered back-to-back trading halts while it plans for an upcoming capital raise
- The company will remain in the halts until November 18 or when the announcement is made
- On November 10, RPM announced it had entered an agreement to purchase Traralgon Tyre Service (TTS) for $1.47 million
- A few days earlier, the company revealed it had purchased Citic Autoparts and took full ownership of the business on November 1
- Shares in RPM last traded for 23 cents on November 11
RPM Automotive (RPM) has entered back-to-back trading halts while it plans for an upcoming capital raise.
The company will remain in the halts until November 18 or when the announcement is made.
At this point, RPM is yet to disclose how much it is aiming to raise or what it will use the funds for.
On November 10, RPM announced it had entered an agreement to purchase Traralgon Tyre Service (TTS) for $1.47 million.
For over 25 years, TTS has supplied, fit, and serviced passenger, commercial, and industrial tyres in the Gippsland region in Victoria.
A few days earlier, RPM revealed it had purchased Citic Autoparts and took full ownership of the business on November 1.
The company flagged the buy in mid-September when it executed a purchase agreement to acquire all shares for $3.2 million.
After completing the purchase, Citic Autoparts underwent a name change and is now known as RPM Autoparts (AUT).
Shares in RPM last traded for 23 cents on November 11.
