- KneoMedia (KNM) ends week in a trading halt ahead of an upcoming capital raise
- So far, it is not known how much the company is aiming to raise or where the funds will be spent
- Under the halt, company shares will be paused until Tuesday, February 22, or when more information is released to the market, whichever one comes first
- On the market, KneoMedia last traded at 1.4 cents per share
KneoMedia (KNM) has ended the week in a trading halt as it plans for an upcoming capital raise.
It is not known to the market how much the company is planning to raise or what the funds will be used for.
The halt means company shares will be paused until Tuesday, February 22, or when more information is released to the market, whichever one comes first.
KneoMedia is a software-as-a-service education publishing company delivering digital learning programs and assessment tools to the educational markets across the globe.
The software is now available in over 80 public schools.
For the December quarter, the company used $399,000 in operating activities, which included $196,000 in advertising and marketing.
At the end of the quarter, KneoMedia had $329,000 in cash and cash equivalents.
Notably, recently, Eric Adams was sworn in as New York City Major and the centrepiece of the campaign was a commitment to education equality in New York.
“This bodes well for the company’s Connect All Kids education initiative given that the National Association for the Advancement of Coloured People (NAACP), a Connect All Kids participant, has had active and regular engagement with Mayor Adams and the newly appointed NYC DOE Chancellor David Banks,” KneoMedia said in January.
On the market, KneoMedia last traded at 1.4 cents per share.