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- Electronics company Cycliq Group (CYQ) has entered a trading halt ahead of an upcoming capital raising
- So far, it is not known how much it is aiming to raise or where the funds will be spent
- Company shares will be paused until Wednesday, April 7, or when more information about the raise is released to the market
- On the market, Cycliq last traded for 0.2 cents per share on April 1
Cycliq Group (CYQ) has entered the week in a trading halt as it plans for an upcoming capital raise.
Currently, it is unknown how much the company is aiming to raise or where the funds will be spent.
Under the halt, Cycliq shares will be paused until Wednesday, April 7, or when more information about the raise is released to the market.
Cycliq, formally known as Voyager Global Group, is an Australian-based lifestyle brand company. It sells high-definition camera and light combination accessories for cyclists.
In February, the company released its half year report. Over the past six months, sales proceeds were up 8.8 per cent, compared to this time last year.
However, due to delays in product shipping to customers the full sales results were not recognised as revenue during the half year and have been recorded as unearned revenue in the Statement of Financial Position.
Over the period, the group delivered a net loss of $1.6 million. For comparison, in 2019 the company posted a half-year loss of $465,000.
Additionally, in December, the company purchased cycling resistance training company AIRhub, in a move to expand its technology portfolio.
On the market, Cycliq last traded for 0.2 cents per share on April 1.
