- Fintech darling Change Financial (CCA) is gearing up to tap investors for fresh capital
- The financials stock entered back-to-back trading halts today as it “considers, plans and executes” a capital raise
- At this point in time, investors will have to wait until Monday, September 14 to find out further details about the raise
- Change is an emerging, U.S.-based payment platform, focusing on the development of payment solutions which challenges legacy providers
- While it reduced its loss margins over FY20, the company’s annual revenue dropped by 86 per cent
- Shares in Change last traded for 11.5 cents each on Monday, September 7
Fintech darling Change Financial (CCA) is gearing up to tap investors for fresh capital.
The financials stock entered back-to-back trading halts today as it “considers, plans and executes” a capital raise.
It means shares in CCA will be paused from trading on the ASX until next week. At this point in time, investors will have to wait until Monday, September 14 to find out further details about the raise.
Change is an emerging, U.S.-based payment platform, focusing on the development of payment solutions which challenge legacy providers.
In its latest financial report, Change managed to reduce its net loss from $4.77 million to $3.51 million — a 26 per cent improvement.
However, the fintech’s revenue took a dive over FY20, falling from $1.83 million in the previous financial year to just $258,000 by June 30, 2020.
It hasn’t been long since Change last raised capital — back in late March, the finance stock entered a trading halt as it executed another fundraise.
That raise included an investment deal with the Central Bank of Kansas City and an entitlement offer which raised $5.14 million.
Shares in Change last traded for 11.5 cents each on Monday, September 7.