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- Eyesight specialist Visioneering Technologies (VTI) has entered a trading halt as it prepares for an approaching capital raise
- The halt is expected to remain in place until Wednesday February 17 or when a formal announcement is made regarding the raise, whichever comes earlier
- Visioneering has made no clear indications as to how it plans to use proceeds from the raise, however, the announcement comes shortly after the company released its quarterly report for the December period
- In terms of cash and equivalents, Visioneering reported US$2.4 million (around A$3.1 million) in funds at the time, equating around one and a half financial quarters worth of funding
- Prior to the trading halt, Visioneering shares last traded at 2 cents each
Eyesight specialist Visioneering Technologies (VTI) has entered a trading halt as it prepares for an approaching capital raise.
In a statement to market, the company said it would be utilising the halt for the purpose of considering, planning and executing a capital raising.
The trading halt is expected to remain in place until Visioneering makes a formal announcement concerning the raise on or before Wednesday February 17.
There’s been no explicit reference as to how much the ASX-lister is looking to raise or how it plans to spend the proceeds.
The fundraising activity comes shortly after the company released its report for the last quarter of 2020, which revealed VTI had taken a 13 per cent hit in net revenue compared to the previous quarter.
In terms of cash and equivalents, Visioneering reported US$2.4 million (around A$3.1 million) in funds, equating around one and a half financial quarters worth of funding.
The company affirmed seasonality in the contact lens industry typically results in declines of this nature in later quarters and maintained the figures were consistent with this trend.
Prior to the trading halt, Visioneering shares last traded at 2 cents each.
