Join our daily newsletter At The Bell to receive exclusive market insights
- Shares in Oventus Medical (OVN) have entered a trading halt ahead of a capital raising announcement expected later this week
- The trading halt is expected to be lifted on or before Friday, May 7, when details regarding the raise are made to market
- It comes less than a week after the ASX-lister released its business review for the March quarter, which revealed it had less than two quarters worth of available cash and equivalents — about $2.4 million — at the time
- Despite its cash position, OVN affirmed it was confident it would be able to raise additional capital as required
- Prior to the trading halt, Oventus Medical last traded at 16.5 cents per share
Shares in Oventus Medical (OVN) have entered a trading halt ahead of a capital raising announcement expected later this week.
The medical device company said the trading halt will remain in place until Friday, May 7, unless an details regarding the capital raise are released beforehand.
The planned fundraising activities come less than a week after the ASX-lister released its business review for the March quarter, which revealed it had less than two quarters worth of available cash and equivalents — about $2.4 million — at the time.
As per ASX requirements, OVN said it expected to maintain net operating cash flows for the time being and was confident it would be able to raise additional capital as required.
In terms of operational activities going forward, the company said it plans to focus on its physical lab-in-lab program and convert lower yielding physical sites to virtual sites in a bid to reduce costs and capital expenditures.
Prior to the trading halt, Oventus Medical last traded at 16.5 cents per share.
