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- Software company Cipherpoint (CPT) has entered back-to-back trading halts ahead of a capital raise
- Company shares will be paused until Friday, August 21, or when CPT releases more details about the raise
- However, this isn’t the first raise the company has executed in the last three months
- In June, Cipherpoint aimed to raise $500,000 through a share purchase plan (SPP), but this was oversubscribed and instead the company received subscriptions for $1.25 million
- Following this, the company entered a trading halt and announced a placement to raise a further $437,000
- Company shares last traded for 6.7 cents per share on August 14
Software company Cipherpoint (CPT) has entered back-to-back trading halts ahead of a capital raise.
This means company shares will be paused until Friday, August 21, or until CPT releases more information about the raise to the market.
It is uncertain how much the company is aiming to raise and what the money will go towards.
However, this isn’t the first raise CPT has executed in the last three months. In June, Cipherpoint raised $500,000 through a share purchase plan (SPP). Ultimately, however, this deal was oversubscribed and instead the company received subscriptions for over $1.25 million.
Following the successful SPP, the company entered a trading halt and announced a placement to raise $437,000. Funds from this placement were used to accelerate the company’s cloud development and the integration of its products with major collaboration platforms such as Microsoft Teams.
In the June 2020 quarter, Cipherpoint burnt $571,000 in operating activities and had $330,000 in its pocket at the end of the quarter.
Cipherpoint is also beginning to gain momentum in the targeted markets. In June, the company signed a significant milestone with the Bank of Finland.
Company shares last traded for 6.7 cents per share on August 14.
