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- Frontier Digital Ventures (FDV) has entered a trading halt ahead of a placement and an accelerated institutional entitlement offer
- It is expected the upcoming raise will fund acquisitions
- FDV invests in market-leading digital businesses and has a global presence across three continents
- Currently, its portfolio consists of 12 operating companies within the automotive, property and general marketplace areas
- The last time FDV raised equity was in July this year and consisted of a $6.5 million placement
- Company shares last traded for $1.56 on Tuesday, October 6
Frontier Digital Ventures (FDV) has entered a trading halt for the next three days ahead of a capital raise announcement.
Specifically, the company will soon announce the details of a placement and a pro rata accelerated institutional entitlement offer and acquisition.
FDV invests in market-leading digital businesses and has a global presence across three continents. The company’s portfolio consists of 12 operating businesses within the automotive, property and general marketplace areas.
Frontier Digital Ventures last raised funds in July this year. A total of $6.5 million was raised through a share placement at 97.5 cents per share to institutional investors in North America.
FDV Founder and CEO, Shaun Di Gregorio said the placement would strengthen its balance sheet, provide more flexibility and broaden the company’s institutional shareholder base.
Soon after, the company released its quarterly report which outlined cash and cash equivalents of $16.3 million (excluding the $6.5 million raised) on June 30 2020.
In its outlook for the second half of the year, FDV is focused on assessing potential acquisitions and maintaining a strong balance sheet.
Company shares last traded for $1.56 on Tuesday, October 6.
