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Sparc Technologies (ASX:SPN) - Managing Director, Mike Bartels
Managing Director, Mike Bartels
Source: Mike Bartels / LinkedIn
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  • Sparc Technologies (SPN) has entered a trading halt while it considers, plans and executes a capital raising
  • The company will remain in the halt until October 27 or until a further announcement is made to the market
  • In its annual report, Sparc tabled revenue of $71,958 for the period ending June 30, 2021, down 61 per cent from the prior corresponding period (pcp)
  • As of June 30, 2021, the company had cash and cash equivalents of $2.93 million, up from the $53,995 in the period ending June 30, 2020
  • Shares in Sparc last traded at 89.5 cents on October 22

Sparc Technologies (SPN) has entered a trading halt while it considers, plans and executes a material capital raising.

The company will remain in the halt until October 27 or until a further announcement is made to the market.

Sparc is yet to disclose how much it intends to raise or what it will use the funds for once they have been raised.

In its annual report, Sparc tabled revenue of $71,958 for the period ending June 30, 2021, down 61 per cent from the prior corresponding period (pcp).

Additionally, loss was up 382 per cent from the pcp to just over $5.44 million.

As of June 30, 2021, Sparc had cash and cash equivalents of $2.93 million, up from the $53,995 in the period ending June 30, 2020.

The company spent half of 2020 focused on the exploration of mineral assets it held in WA, before it acquired Graphene Technology Solutions in November.

Since then the company has changed pace and focused on research and developing new technologies for the environment and biomedical sectors.

Shares in Sparc last traded at 89.5 cents on October 22. The company has a $63.14 million market cap.

SPN by the numbers
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