- Data transmission specialist Elsight (ELS) enters a trading halt while it finalises the details of a convertible note capital raising
- The company will remain in the halt until Thursday, November 3, or when further details are released, whichever occurs first
- Yesterday, ELS released its quarterly report with the period highlighted by its first repeat Halo order from Spright
- Elsight revealed it had burnt through US$765,000 and ended the period with US$1.21 million in total available funding – representing 1.6 quarters of use
- Shares in Elsight last traded at 36 cents on October 31
Data transmission specialist Elsight (ELS) has entered a trading halt while it finalises the details of a convertible note capital raising.
The company will remain in the halt until Thursday, November 3, or when further details are released, whichever occurs first.
Elsight is yet to disclose how much it intends to raise or what it will use the money for once received.
Yesterday, the company released its quarterly report with the period highlighted by its first repeat Halo order from Spright.
Additionally, Elsight continued to expand the Halo investment program as part of the ‘Design Win’ strategy and now has 67 partners.
In the quarter, 16 partners placed repeat orders totalling up to US$255,000 (A$397,505).
Looking at its financials, Elsight revealed it had burnt through US$765,000 in operating expenditure with the majority going towards research and development.
As of September 30, the company had US$1.21 million in total available funding, representing 1.6 quarters of use – a possible reason as to why it is undertaking this capital raise.
Shares in Elsight last traded at 36 cents on October 31. The company has a $54.11 million market cap.