- Internet of things (IoT) specialist Flexiroam (FRX) is set to launch its second capital raise in just three months after entering a two-day trading halt on Tuesday morning
- The company will announce the details of the raise on Thursday, but at this stage, it’s uncertain how much the company plans to raise or for what it will use the funds
- Flexiroam raised $1.5 million back in October 2021 through a private share placement, with new shares issued at an 18 per cent premium to its last closing price at the time
- The company ended the December quarter with roughly $2.25 million of funding in the bank after posting a negative quarterly net cashflow result of $764,000
- Shares in Flexiroam last traded for 5 cents each on Wednesday, February 7
Internet of things (IoT) specialist Flexiroam (FRX) is set to launch its second capital raise in just three months after entering a two-day trading halt on Tuesday morning.
The company said it would announce the details of the raise before Thursday, February 10, at which point shares would resume trading on the ASX. At this stage, it’s not yet been confirmed how much Flexiroam plans to raise and for what the company will use the funding.
The news comes after Flexiroam raised $1.5 million through a private share placement back in October 2021. Shares in this cap raise were priced at an 18 per cent premium to FRX’s last closing price at the time.
The company ended the December quarter with roughly $2.25 million of funding in the bank after posting a negative quarterly net cashflow result of $764,000. At this rate of cash burn, Flexiroam would have until around the end of September before funds started to run thin.
Nevertheless, the company said in January it had continued to deliver “exceptional improvement” across all operating metrics during the December quarter.
Over 2022 so far, Flexiroam has struck an IoT deal with Asia Mobility for the car and public transport supplier’s fleet of vehicles across Malaysia, Singapore, and Thailand.
Flexiroam also signed on its first European IoT white label reseller through a commercial agreement with Netherlands-based Thingsdata.
Shares in Flexiroam last traded for 5 cents each on Wednesday, February 7. The company has a $27.7 million market cap.