- Thorney Technologies (TEK) enters a trading halt while it plans a capital raise
- Thorney is an investment company that focusses on early-stage companies with innovative technologies and business models
- It isn’t clear how much Thorney is looking to raise or what it will use the money for as news flow has been very light this year
- The market will only have to wait until July 5, at the latest, to find out
- TEK’s shares last traded at 43 cents on June 30
Thorney Technologies (TEK) has entered a trading halt while it plans a capital raise.
Thorney is an investment company that aims to invest in start-up or early-stage companies with new and disruptive technology and business models. Its major investments include ASX listers Zip Co (Z1P), Mesoblast (MSB), Quickfee (QFE) and Dubber (DUB), and Updater.com.
TEK is managed by privately-owned company, Thorney Investment Group (TIG) under a long-term investment management agreement.
The company expects it will come out of the trading halt once the capital raise details have been released which will be no later than July 5.
It isn’t clear how much Thorney is looking to raise or what it will use the money for as news flow has been very light this year.
The last time TEK raised money through a capital raise was in November last year.
The previous capital raise included a $27 million placement and a $10 million non-renounceable entitlement offer — both of which were finalised in December.
TEK’s shares last traded at 43 cents on June 30.