- Wearable sensors technology company dorsaVi (DVL) has entered a trading halt ahead of a capital raise
- To date, the company has not given any details on how much it plans to raise and what the money will be used for
- Company shares will be paused until Thursday, October 22, or when more details are announced to the market
- Shares in dorsaVi last traded for 3.6 cents on October 19
Wearable sensors technology company dorsaVi (DVL) has entered a trading halt ahead of a capital raise.
To date, the company has not given any details on how much it plans to raise and what the money will be used for.
As a result, company shares will be paused until Thursday, October 22, or when more details are announced to the market.
dorsaVi is focused on developing innovative motion analysis device technologies for clinical applications, elite sports, and occupational health and safety.
For the 2020 financial year, dorsaVi brought in $1.5 million in recognised recurring revenue, which is up 17.4 per cent on prior corresponding period’s $1.2 million result.
However, the company’s total sales revenue fell 19.7 per cent compared to this time last year — a result the company chalks up to COVID-19.
At the end of the financial year, the company had nearly $1.7 million worth of cash on hand, down on last year’s $2.77 million cash balance. More broadly, dorsaVi’s total cash fell from $7.7 million in FY19 to $5.7 million in FY20. The technology stock explains the $2 million decrease was necessary to cover cost reductions and “operational efficiencies” over FY20.
Shares in dorsaVi last traded for 3.6 cents on October 19.