- Carbon foam manufactures CFOAM (CFO) has entered the week in a trading halt as it plans an upcoming capital raise
- Currently, it is unknown how much the company is planning to raise or where the funds will be spent
- CFO shares will be paused until Wednesday, May 12, or when more details about the placement is released to the market
- On the market, CFOAM last traded at 1.8 cents per share on May 7
CFOAM (CFO) has entered the week in a trading halt as it plans an upcoming capital raise.
Currently, there are no details on how much the company is planning to raise or where the funds will be spent.
Under the halt, company shares will be paused until Wednesday, May 12, or when more details about the placement are released to the market.
CFOAM creates carbon foam which is designed to meet the growing demand for ultra-high performance engineering materials in the military, industrial, aerospace, and commercial product markets.
The company’s carbon foam are allowing technologies for a host of next-generation material systems and components. Notably, the CFOAM can replace conventional materials in existing systems to increase product life cycle and provide enhanced product performance.
Recently, CFOAM released its quarterly report, which saw its sales revenue for the quarter jump to US$196,000 (roughly A$249,000), up from last quarter’s US$118,000 (around A$150,000). However, the company says it is still significantly impacted by COVID-19 implications.
“Continued COVID-19 infections and stringent onsite mobility restrictions have meant that limited or no on-site sales visits by our salesforce have been possible,” the company explained last month.
Notably, over the quarter, the company sold its products to 13 different organisation across the U.S. and overseas.
On the market, CFOAM last traded at 1.8 cents per share on May 7.