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- FirstWave Cloud Technology (FCT) has placed its shares in a trading halt ahead of an acquisition and capital raise
- It isn’t clear what the tech stock will acquire or how much money it’s hoping to raise
- As of September 30, FirstWave had $6.86 million in cash and an estimated 2.4 quarters left of available funding
- FirstWave expects to come out of the trading halt on November 29 and its shares last traded at 9 cents on November 24
FirstWave Cloud Technology (FCT) has placed its shares in a trading halt, effective immediately.
The company is in the halt pending an announcement regarding a “material” acquisition and a capital raise.
It isn’t clear what the tech stock will acquire or how much money it’s hoping to raise. The funds may be used to support the unspecified acquisition, but that has also not been confirmed.
FirstWave is a global cybersecurity technology company that has delivered solutions to the small-to-medium business (SMB) market since 2004.
In its annual report for the 2021 financial year, FirstWave outlined its priorities for FY22 which included enhancing its platform so SMB users and service providers can more efficiently adopt the platform. The company also wants to focus sales efforts on services that will deliver the highest immediate return, and will also aim to lower operating costs by about $2 million.
FCT’s total comprehensive loss after income tax totalled $10.8 million which was a 21.6 per cent improvement from the prior year’s loss of $13.8 million.
The company last raised funds in April this year when it launched a placement and share purchase plan. After costs, FCT enjoyed an almost $6.1 million cash boost.
As of September 30, FirstWave had $6.86 million in cash and an estimated 2.4 quarters left of available funding.
FirstWave expects to come out of the trading halt on November 29 and its shares last traded at 9 cents on November 24.
