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- Electronic lock developer TZ Limited (TZL) has placed its shares in a trading halt ahead of forthcoming capital raise
- The trading halt is expected to be lifted on or before April 28, when the company releases further details pertaining to the raise
- The ASX-lister did not make any explicit reference in today’s announcement regarding how much it is looking to raise or for what purpose
- In recent news, TZ announced it had entered an agreement to acquire a network of Australian parcel lockers from Couriers Please and had partnered with HUBBED parcel collection point network, which handles more than 2000 collection locations in Australia
- Prior to the trading halt, TZ Limited shares last traded at 17 cents.
Electronic lock developer TZ Limited (TZL) has placed its shares in a trading halt ahead of forthcoming capital raise.
Company securities are expected to remain in the halt until a formal announcement regarding the capital raise is made to market, which is expected on or before April 28.
At this stage, TZ has not provided any clear indication as to how much it is looking to tap investors for or how it plans to spend the proceeds.
In early April, the company entered an agreement to acquire an Australian network of parcel lockers from Couriers Please, consisting of 32 installed “Click, Collect and Return” Parcel Locker Banks across Australia’s east coast.
In the same breath, TZ also announced that it had partnered with HUBBED, another parcel collection point network with more than 2000 collection locations in Australia, according to the company.
The company reported a cash and equivalents balance of $596,915 for the period ended December 31.
Prior to the trading halt, TZ Limited shares last traded at 17 cents.
