- Transaction services business Cirralto (CRO) has flagged an upcoming capital raise as it places its shares in a trading halt
- The trading halt is set to be lifted when the company makes a formal disclosure regarding the raise, which is expected on or before February 22
- At this stage, there’s been no explicit indication as to how much the company is looking to raise or how it would spend the proceeds
- In terms of cash and equivalents, the company’s most recent Appendix 4C revealed it had roughly $4.9 million in available funding
- Prior to the trading halt, Cirralto shares last traded at 11.5 cents each
Transaction services business Cirralto (CRO) has flagged an upcoming capital raise as it places its shares in a trading halt.
The ASX lister advised the market its securities would remain in the halt until Monday February 22 when a formal announcement is expected to disclose the finer details of the raise.
At this stage, there’s been no explicit indication as to how much the company is looking to raise or how it would spend the proceeds.
The company’s most recent quarterly activities report revealed it had grown unaudited quarterly revenue by 84 per cent from roughly $179,700 to approximately $329,900.
The fintech player also flagged the upcoming launch of its MySpenda product, which it set for release in the third quarter of this year.
In December, Cirralto also entered into key business payments agreements with global payments operators Fiserv, Visa and Mastercard.
In terms of cash and equivalents, the company’s most recent Appendix 4C revealed it had roughly $4.9 million in available funding, enough to see it through for the next nine quarters based on spending levels at the time.
Prior to the trading halt, Cirralto shares last traded at 11.5 cents each.