- Activated carbon manufacturer Carbonxt (CG1) has begun the week in a trading halt while it plans an upcoming capital raise
- The company will remain in the halt until May 5 or when more details regarding the raise are released, whichever occurs first
- This halt comes after Carbonxt released its March quarterly report, revealing it had ended the period with $333,000 in available funding
- Based on its cash burn rate and current liquidity levels, Carbonxt only has half a quarter of funding available
- The company expects its cash flow to improve next quarter due to cost reduction initiatives and expects business to run as normal
- Shares in Carbonxt last traded at 14.5 cents on April 30
Activated carbon manufacturer Carbonxt (CG1) has begun the week in a trading halt while it plans an upcoming capital raise.
The company will remain in the halt until May 5 or when more details regarding the raise are released, whichever occurs first.
Carbonxt is yet to disclose how much it intends to raise or what it will use the funds for once received.
This halt comes after the company released its March quarterly report, revealing it had ended the period with $333,000 in available funding.
Carbonxt received $2.68 million in customer receipts and spent over $1.4 million in product manufacturing and operating activities.
Based on its cash burn rate and current liquidity levels, Carbonxt only has half a quarter of funding available.
The company expects its cash flow to improve next quarter due to cost reduction initiatives and expects business to run as normal.
Shares in Carbonxt last traded at 14.5 cents on April 30. The company has a $20.56 million market cap.