Spacetalk (ASX:SPA) - CEO, Mark Fortunatow (right)
CEO, Mark Fortunatow (right)
Source: Mark Fortunatow/Twitter
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  • Spacetalk (SPA) enters a trading halt while it plans to raise some fresh capital through a placement and share purchase plan
  • The tech stock also announced today it will launch its Spacetalk Adventurer smartphone GPS watch for kids in North America
  • SPA expects to come out of the trading halt by November 2, by which time the details of the capital raise will have been released
  • Company shares last traded at 22.5 cents on October 28

Spacetalk (SPA) has entered a trading halt while it plans to raise some fresh capital.

The company hasn’t disclosed how much it will raise or how it will spend the money, but it did say the capital raise will be in the form of a placement and share purchase plan.

Alongside the trading halt, the technology stock announced it will launch its Spacetalk Adventurer, a smartphone GPS watch for kids, in North America.

The Spacetalk devices will be available online through the Amazon, Walmart, Best Buy and Spacetalk websites.

Significantly, Amazon, Walmart and Best Buy collectively account for nearly 50 per cent of all retail eCommerce in the US. In Canada, Best Buy holds a 35 per cent market share for electronics and appliances.

CEO Mark Fortunatow commented on the launch and believes its technology will be “key selling propositions” in the North American market.

“We are exceptionally excited to launch in North America, particularly with businesses of the brand and scale of Amazon, Walmart and Best Buy,” he said.

“North America presents a phenomenal opportunity for Spacetalk to enhance our distribution and brand recognition.”

In addition, the company will offer a new line of premium in-app purchases and subscriptions to complement its namesake app. The additions to its revenue mix will permit the company to customise and enhance its offering through a blend of fixed and variable fees.

While the company isn’t certain on exact revenue figures from the launch or enhancing its business model, it expects them to have a direct positive impact on revenue.

SPA expects to come out of the trading halt by November 2, by which time the details of the capital raise will have been released.

Company shares last traded at 22.5 cents on October 28.

SPA by the numbers
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