- IODM (IOD) places its shares in a trading halt while it plans the details of an upcoming capital raising
- The software solution company will remain in the halt until January 31 or when more details are released, whichever occurs first
- On December 7, the company announced it had received a new revenue opportunity from its existing partnership with Western Union Business Solutions (WUBS)
- The companies first signed a contract in June 2021, enabling WUBS to engage with its existing and new clients via a service level agreement
- Shares in IODM last traded at 32 cents on January 25
IODM (IOD) has placed its shares in a trading halt while it plans the details of an upcoming capital raising.
The software solution company will remain in the halt until January 31 or when more details are released, whichever occurs first.
IODM is yet to disclose how much it intends to raise or what it will use the funds for once received.
On December 7, the company announced it had received a new revenue opportunity from its existing partnership with Western Union Business Solutions (WUBS).
The companies first signed a contract in June 2021, enabling WUBS to engage with its existing and new clients via a service level agreement.
WUBS now has a new 12-month contract, which allows it to provide its offerings to new clients in the United Kingdom.
This partnership is expected to bring in revenue of between $135,000 and $165,000 per year, however, this is dependent on students paying their tuition fees and accommodation.
IODM last tapped investors for cash in December 2020 when it raised $1.75 million through the issue of 11,666,667 fully-paid ordinary shares to a UK investor.
The company stated it would use the funds for its global commercial expansion, specifically in its sales and business development teams.
Shares in IODM last traded at 32 cents on January 25. The company has a $183.8 million market cap.