- CardieX (CDX) is gearing up for a capital raise after placing its securities in a trading halt
- The trading halt will be lifted once an announcement is made, or by July 27, whichever occurs first
- Recently, CardieX restructured its investment in inHealth Medical, reducing its stake by US$500,000 (around A$700,970)
- The two health companies also agreed to sign a new collaboration agreement to develop their hypertension and cardiovascular programs
- Before today’s trading halt, shares in CardieX last traded for 3.1 cents per share
Health technology company CardieX (CDX) has entered a trading halt as it gears up for a capital raise.
No details have been released just yet, however, the trading halt will be lifted once an announcement has been made, or by July 27, whichever occurs first.
Recently, CardieX announced it was restructuring its convertible note investment in U.S. online telehealth platform In Health Medical.
CardieX will be repaid US$500,000 (around A$700,970), to reduce its original investment from US$3 million (roughly A$4.2 million) down to US$2.5 million (about A$3.5 million).
The maturity and conversion date of the convertible note sale has also been changed, extended from July 2020 to July 2021.
In a statement, CardieX said the changes would see it “potentially increase its shareholding to between 8.7 per cent and 37 per cent, prior to new capital being raised.”
The two health companies also agreed to enter into a collaboration agreement to develop their hypertension and cardiovascular programs.
CardieX CEO, Craig Cooper, said the changes were in the best interest for both companies.
“Since we invested in inHealth, both CardieX and inHealth have developed significantly to the point where we believe we can add more value going forward as partners rather than us both being under the same holding company,” he said.
Shares in CardieX last traded for 3.1 cents per share on July 22, before the trading halt was implemented.