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AppsVillage (ASX:APV) plans “material” capital raise

The Market Online Deal Room
ASX:APV
26 February 2021 14:00 (AEST)
AppsVillage (ASX:APV) - CEO and Founder, Max Bluvband

Source: B&T

AppsVillage (APV) has entered a trading halt ahead of a “material” capital raising.

It’s not clear how much AppsVillage wants to raise or what it will use the money for, but the market will find out by no later than Tuesday, March 2.

AppsVillage provides software-as-a-service solutions for small-to-medium business so they can create and manage their own app, grow their business and connect with customers.

Yesterday, the company received conditional approval for dual listing on the Toronto Stock Exchange (TSXV).

Founder and CEO, Max Bluvband, said a dual listing on the TSXV will hopefully increase investor awareness and share liquidity while it implements its growth strategy.

AppsVillage announced it had roughly $1.05 million in cash at the end of the December quarter, giving it an estimated 1.6 quarters left of available funding.

In its response to whether its cash position will improve, AppsVillage said it expects to raise additional capital and progress sales growth and a profitability plan.

Company shares last traded at 10.5 cents on Thursday, February 25.

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