- Tubi (2BE) has entered a trading halt as it gears up for a capital raise announcement
- The exact details of the raise are yet to be announced, but the trading halt will remain in place until August 6 at the latest
- Tubi recently opened up a third manufacturing plant in Florida, alongside one of its other plants
- The company also posted a 55 per cent increase in production volume over the last quarter of FY20
- Shares in Tubi last traded for 11.5 cents each on July 30
Pipe manufacturer Tubi (2BE) is gearing up for a capital raise after placing its securities in a trading halt.
The trading halt will remain in place until an announcement is made or until August 6 at the latest.
The company recently celebrated the opening of its third manufacturing plant, which is located in Florida.
Tubi also posted a significant 55 per cent increase in its production volume over the last quarter of the 2020 financial year.
At the time CEO, Marcello Russo, said the result was amazing considering the COVID-19 pandemic’s effect on business.
“I am looking forward to confirming (after the audit) the company returning to a monthly profit in the last quarter of FY20 and continuing monthly profitability throughout the first quarter of FY21,” he said.
Shares in the company were last trading for 11.5 cents per share on July 30, before today’s trading halt came in to effect.