- Digital payment specialist IOUPay (IOU) has entered a trading halt as it gets ready to tap investors for fresh cash
- The company will remain in a trading halt until Monday, November 9, as it considers executing another capital raising
- Shareholders will have to wait until then to find out how much IOU is planning to raise unless it announces the details early
- The buy now, pay digital business used to be called iSentric, electing to change its name in late-September to better reflect its digital banking focus
- It also carried out another capital raise back in August and September, successfully garnering an additional $2.07 million in equity
- IOU ended the September quarter with $2.8 million worth of cash in the bank, after burning through $792,000
- Before today’s trading halt shares in IOUpay were trading for 19.5 cents each
IOUPay (IOU) has entered a trading halt as it gets ready to tap investors for fresh cash via an equity raise.
The digital payment specialist will remain in a trading halt until Monday, November 9, as it considers executing a capital raising.
Shareholders will have to wait until then to find out how much IOU is planning to raise and how, unless it announces the details early.
It’s been a transformative few months for the buy now, pay digital business after it changed its name in September.
IOU used to be called iSentric, but elected to change its name in to better reflect its digital banking focus.
It also undertook a capital raising back in late August and early September, where it raised $2.07 million after receiving over $4 million in applications for its share purchase plan.
The additional cash helped IOU end the September quarter with $2.8 million worth of cash in the bank.
It burnt through around $792,000 during the same period, including spending close to $1.1 million on product manufacturing and operating costs.
At that spend rate, IOU has enough cash to continue on for 3.6 quarters.
Before today’s trading halt shares in IOUpay were trading for 19.5 cents each on November 4.