- Tech investment firm Fatfish Group (FFG) entered a trading halt today as it prepares for an equity raise
- At this stage, the financials stock won’t trade again until October 26, unless it’s able to release details of its latest raise before that date
- Interestingly, Fatfish only just resumed trade — the company was suspended from official quotation until early October
- To break the suspension, Fatfish released a company update and announced a subsidiary had backed away from a deal with former ASX-lister Animoca Brands
- A company tied to Fatfish’s Swedish investee was set to buy tech developer Gamma Innovations from Animoca for US$1 million (around A$1.41 million)
- However, after Fatfish talked to the ASX, both companies opted to terminate the sale agreement
- Before it entered today’s trading halt, FFG shares were priced at 1.8 cents
Fatfish Group (FFG) entered a trading halt today as it prepares for an equity raise.
At this stage, the financials stock won’t trade again until October 26, unless it’s able to release details of its latest raise before that date. Until then, shareholders won’t know just how much Fatfish is aiming to bring in and where the funding will go.
Today’s halt comes just two weeks after Fatfish shares last returned to ASX trade. Company stock entered a trading halt on the last day of September and was then suspended from official quotation until October 8.
On that day, Fatfish released a company update, announcing a subsidiary had backed out of a deal with former ASX-lister Animoca Brands.
Severed ties
Essentially, RightBridge Ventures, which is tied to Fatfish’s Swedish investee, Abelco, was set to buy Animoca’s 100 per cent stake in Gamma Innovations. Currently, Gamma is developing a unique processor, which uses power from a computer that’s been left in sleep mode to generate ‘gamma points’ — tokens which can be redeemed on rewards across a range of computer games.
RightBridge’s deal with Animoca meant the company would buy all 9 million Gamma shares for US$1 million (around A$1.41 million). However, after Fatfish talked to the ASX, both companies opted to terminate the sale agreement.
As a result, Fatfish has confirmed it “no longer has any interest in Gamma or its business activities.”
Before it entered a trading halt today, FFG shares were priced at 1.8 cents