- EVE Health Group (EVE) has entered a trading halt after announcing its intention to raise fresh capital
- The health and wellness company ended the December quarter with $941,000 in cash and one quarter left of funding and said it was assessing the need to raise more cash
- EVE also stated it expects the second half of FY22 to be “very active” with product launches and continued activities to grow its Meluka Australia brand
- Shares last traded at 0.4 cents on February 17 and the company expects to remain in the trading halt until February 22
EVE Health Group (EVE) has entered a trading halt after announcing its intention to raise fresh capital.
The company hasn’t said how much it plans to raise nor how it will spend the money.
Headquartered in Australia, EVE is an integrated health and wellness company that produces innovative, natural and sustainable products.
Its branded products include raw honey infused with different ingredients, tea tree oils, and an extensive catalogue of over 600 botanical products such as essential oils, hydrosols, extracts, carrier oils and seed oils.
Additionally, its medical nutrition business Omni Innovation produces Gluco Smooth which is a pre-meal drink for people with type 2 diabetes.
In its December quarter report, the consumer stock said the next two quarters would be “very active” with the rollout of a new probiotic range, new honey products, expanding its product offering in Japan and the US, and continuing to grow its Meluka Australia brand.
After burning through $967,000 on operating activities, $117,000 on financing activities and $4000 on investing activities in the December quarter, EVE ended the period with just $941,000 in cash and one quarter left of available funding if spending levels were to remain the same.
When asked if it had or proposed to raise further cash, the company said it was “routinely assessing its requirement for additional equity or debt to fund its operations.” It added that as it was able to successfully raise funding in the past it didn’t see why it wouldn’t be successful in future.
The company expects to remain in the trading halt until February 22.
Shares last traded at 0.4 cents on February 17.