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- Digital advertising company Adslot (ADS) has entered a trading halt to facilitate a proposed capital raise
- Company securities will remain in a trading halt until trading on December 10 or until the announcement is released
- The capital raise will be in the form of a two-tranche institutional placement, with only the second tranche needing shareholder approval
- Adslot reported a 2.9 per cent revenue increase for FY20 in its latest annual report but added nearly $9.7 million in net losses for the year
- Shares in Adslot last traded at 3.3 cents prior to the trading halt
Adslot (ADS) has entered a trading halt to facilitate a proposed capital raise.
Company securities will remain in a trading halt until the commencement of a normal trading day on December 10, or until the announcement is released.
The capital raise will be undertaken as a two-tranche institutional placement. While the second tranche will need shareholder approval, the first will not.
Adslot reported a 2.93 per cent revenue increase for 2020 in its latest annual report, up just over $300,000 from its 2019 figures.
Net losses however increased by nearly $9.7 million in FY20 compared to FY19 in net losses for the year. The company’s cash balance at the end of the 2020 financial year sat at roughly $6.2 million.
Adslot Chief Executive Ben Dixon said COVID-19 made 2020 difficult for the company in Adslot’s annual report, but is optimistic about the year ahead.
“I believe that the company can look proudly on its achievements during a very
challenging period not only for our industry but for the wider economy as a whole,” he said.
Shares in Adslot last traded at 3.3 cents prior to the trading halt.
