- Linius Technologies (LNU) halts trading pending the release of an announcement to the market as it finalises a capital raising initiative
- The company will remain in the halt until April 29 or upon release of the announcement, whichever occurs first
- Linius announced a $3 million capital raise in January and said the funds will to be used to accelerate the commercialisation of its products and deliver new annual recurring revenue
- LNU shares last traded at 1.2 cents on April 26
Linius Technologies (LNU) has placed its shares in a trading halt pending the release of an announcement to the market regarding a capital raising.
The trading halt will remain until Friday 29 April, or upon the release of the company’s announcement, whichever occurs first.
In January 2022, Linius announced its intention to raise $3 million in an equity placement to US-based institutional investor New Technology Capital Group.
The company said it had already secured $2 million, which was not subject to shareholder approval, with the remaining $1 million to be subject to shareholder approval.
Linius said the funds will be used to accelerate the commercialisation of its existing products, deliver new annual recurring revenue and for general working capital requirements.
LNU shares last traded at 1.2 cents on April 26.