- Elixinol Global (EXL) has entered a trading halt while it considers, plans and executes a capital raise
- The hemp health and wellness company will remain in the halt until November 17 or when an announcement is made, whichever occurs first
- In its September quarterly, EXL reported $4 million in unaudited revenue, an 18 per cent growth over the June quarter’s $3.4 million
- It burnt through around $3.5 million on operating costs, with the majority going towards staff expenses
- As of September 30, Elixinol had more than $12.7 million in available funding, representing 3.6 quarters left of use if spending levels stay the same
- Shares in EXL last traded for 18.5 cents on November 12
Elixinol Global (EXL) has entered a trading halt while it considers, plans and executes a capital raise.
The hemp health and wellness company will remain in the halt until November 17 or when an announcement is made, whichever occurs first.
At this point, Elixinol is yet to disclose how much it is aiming to raise or what it will be using the funds for.
In its September quarterly, EXL reported $4 million in unaudited revenue, an 18 per cent growth over the June quarter’s $3.4 million.
Net operating cash use was down from $9 million in Q1 FY20 and $6.2 million in Q2 FY20 to $3.5 million in Q3 FY20.
The majority of this went towards covering staff costs, with significant funds also used in manufacturing and operating, and advertising and marketing costs.
As of September 30, Elixinol had more than $12.7 million in available funding, able to fund 3.6 more quarters if spending levels stay the same.
“Following aggressive efforts to reshape the business and operate from a materially lower cost base, we are very pleased to report robust revenue growth for the quarter across all business units,” Group CEO Oliver Horn said at the time.
Shares in EXL last traded for 18.5 cents on November 12.