- Bioenergy company Delorean Corporation (DEL) enters trading halt as it plans an upcoming capital raise
- It is currently not known how much the company is planning to raise or where the funds will be spent
- Company shares will be paused until March 31, or when further details about the raise are released to the market
- For the first half of FY22, the company experienced a 36 per cent jump in revenue from $12.9 million to $17.7 million, compared to the prior corresponding period
- Delorean last traded at 20 cents per share
Delorean Corporation (DEL) has entered into a trading halt as it plans an upcoming capital raise.
So far, it is not known to the market how much the company is planning to raise or where the funds will be spent.
Under the halt, company shares will be paused until March 31, or when further details about the raise are released to the market.
Delorean is an Australian-based bioenergy company that specialises in the designing, building, ownership and management of bioenergy infrastructure and associated power generation and retail. It listed on the ASX in April 2021.
For the first half of FY22, the company saw a 36 per cent jump in revenue from $12.9 million to $17.7 million, compared to the prior corresponding period.
Over the first half, the company achieved a number of milestones and wins including its engineering division being awarded the preferred tenderer status for the Yarra Valley Water facility.
Cash and cash equivalents at the end of the period was just over $4 million.
When addressing the new year, Delorean said a number of projects will be developed, funded and approved, some of which include the commissioning of the BLM Bioenergy project, and the NZ-based Ecogas project is estimated for completion in November 2022.
Further, a final investment decision is expected for its Delorean-owned project in South Australia in the upcoming June quarter.
Delorean last traded at 20 cents per share.