- Aumake (AUK) ends the week in a trading halt pending the release of a capital raising announcement
- The company will remain in the halt until Tuesday, November 8, or when the announcement is released to the market, whichever occurs first
- In its recently released quarterly report, Aumake reported revenue of $1 million, a 33 per cent decrease from Q4 FY22, claiming the decrease came from COVID-related impacts
- The company ended the period with 0.9 quarters of available funding, which suggests it could benefit from a cash boost
- Shares in Aumake last traded at 0.4 cents on November 2
Aumake (AUK) has ended the week in a trading halt pending the release of a capital raising announcement.
The company will remain in the halt until Tuesday, November 8, or when the announcement is released to the market, whichever occurs first.
Aumake is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its recently released quarterly report, Aumake reported revenue of $1 million, a 33 per cent decrease from Q4 FY22.
The company said the decrease came from COVID-related impacts and the lack of Chinese tourism. In response to this, Aumake implemented cost saving initiatives to maximise its existing cash.
Net cash outflows increased from $888,000 in Q4 FY22 to $1.63 million in Q1 FY23 with the majority going towards product manufacturing and operating costs.
Aumake ended the period with $1.4 million in total available funding, representing 0.9 quarters left of use.
The company also noted it’s “winding down” all unprofitable operations, removing all debt and reducing costs as much as it can. This, and it’s available funding, suggests the company will benefit from a capital raise.
Shares in Aumake last traded at 0.4 cents on November 2. The company has a $3.08 million market cap.