PriceSensitive

Hydrix (ASX:HYD) enters back-to-back trading halts ahead of equity raise

The Market Online Deal Room
ASX:HYD      MCAP $2.727M
28 October 2020 13:51 (AEDT)

This browser does not support the video element.

Hydrix (HYD) has entered back-to-back trading halts as it gets ready to announce another capital raise.

The company hasn’t released the exact details of the raise just yet, but it did flag it would likely raise the extra equity via a placement.

Interested investors will have to wait until November 3, 2020, to find out the exact details though, as that is the last day the trading halts are in effect.

This will be the second capital raise undertaken by Hydrix in the last five months, with the company also raising $3 million via a placement and entitlement offer in early July.

The funds helped bolster the product developer’s cash balance, with HYD revealing in its recently released FY20 annual report that it ended June 30 with $4.2 million cash on hand.

The report also showed the company had increased its group revenues by 12 per cent over the 2020 financial year, to a total of $15.9 million.

Additionally, Hydrix managed to reduce its cash operating loss to $800,000 in FY20, down from $1.95 million loss in FY19.

It ended the 2020 financial year with a $3.2 million loss after income tax, which is down compared to the previous year’s $4.2 million loss.

Before today’s two trading halts began, shares in HYD had been trading for 32.5 cents each on October 27.

Related News