- Surface chemistry company AnteoTech (ADO) has entered a two-day trading halt as it gets ready to tap investors for some fresh capital
- The details of the raise are slated to be announced on Wednesday, April 28, but AnteoTech will lift the trading halt early if it announces the details beforehand
- Taking a look at AnteoTech’s latest financial figures, the company had over two years left of funding in the bank at the end of December 2020
- Meanwhile, today’s trading halt announcement was released alongside news of a “commercial discussion” between AnteoTech and a collaboration partner
- Whether the upcoming capital raise has anything to do with this commercial discussion or if something else is in the works for AnteoTech is still unknown
- Shares in the company last traded for 42 cents each on Friday, April 23
Surface chemistry company AnteoTech (ADO) has entered a two-day trading halt as it gets ready to tap investors for some fresh capital.
The company revealed its plans to launch a capital raise this morning when it requested the trading halt from the market operator, but the details of the raise are yet to be announced.
As it stands, AnteoTech shares will stay in a trading halt until Wednesday, April 28, when the company releases more details about the capital raise — including how much it plans to raise and for what it will use the fresh funding.
The trading halt will be lifted early if the company chooses to announce the details before Wednesday.
While AnteoTech’s quarterly figures for the March quarter are yet to be announced, the company had around $6.4 million in the bank at the end of December 2020 after going cashflow-negative over the quarter by around $660,000.
At this rate of spending, the company still had over two years left of available funding at the end of December.
Meanwhile, today’s trading halt was announced alongside news that a collaboration partner confirmed strong results from testing of the electrochemical performance enhancement of ADO’s AnteoX product in a high-silicon content lithium-ion anode.
Essentially, AnteoTech said the results from the testing have prompted an “immediate commercialisation discussion” for ADO’s products with the collaborator.
Whether the upcoming capital raise has something to do with this potential commercialisation deal or if something else is in the works for AnteoTech is still unknown.
Shares in AnteoTech last traded for 42 cents each on Friday, April 23.