Thursday 26th April 2018
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ASX-listed Volpara Health Technologies is in a trading halt while the Kiwi digital health firm raises capital from institutional investors ahead of next week's quarterly cash flow report.
Wellington-based Volpara, which focuses on early detection of breast cancer using artificial intelligence, sought a trading halt on the ASX today to let company raise money through an institutional placement "in an orderly manner", it said in a statement. The placement is part of a proposed capital raising, which will also include a share purchase plan for existing investors.
The shares last traded at 69 Australian cents, and while they've dipped 1.4 percent so far this year, the stock is still trading above its 2016 initial public offering price of 50 cents.
The halt will lift once Volpara announces the outcome of the placement or when trading opens on Monday.
The company this month said it beat its goal of lifting annual recurring revenue 200 percent in the March 2018 year, with ARR at $3.6 million as at March 31. Volpara is scheduled to release its quarterly cash flow statement and hold an investor briefing on April 30. It had cash on hand of $7 million as at Dec. 31.
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