- Lumos Diagnostics (LDX) enters back-to-back trading halts in regards to an upcoming non-renounceable entitlement offer
- Company shares will remain in the halt until Wednesday, June 8 or when more information is released, whichever occurs first
- This is the first time the company has tapped investors for cash since it listed on the ASX in June 2021 following a $63 million initial public offering
- Shares in Lumos last traded at 25.5 cents on June 1
Lumos Diagnostics (LDX) has entered back-to-back trading halts in regards to an upcoming non-renounceable entitlement offer.
Company shares will remain in the halt until Wednesday, June 8 or when more information is released, whichever occurs first.
Lumos is yet to disclose how much it intends to raise or what it will use the money for once received.
Lumos’ most recent news was the release of its March quarterly report where it revealed unaudited revenue of US$3.8 million (A$5.31 million), down from US$5.2 million in H1 FY22.
The company also recorded cash receipts of US$6 million, up from US$1.6 million in Q2 FY22.
Lumos announced it had burnt through US$3.28 million in the March quarter with the majority going towards production manufacturing and operating costs.
As of March 31, Lumos had US$6.57 million in total available funding, representing two quarters of use if spending levels remain the same.
This is the first time the company has tapped investors for cash since it listed on the ASX in June 2021 following a $63 million initial public offering (IPO).
Under the IPO, 30.4 million new shares were issued at $1.25 each to raise $38 million while a further 20 million shares were sold by existing shareholders to raise the remaining $25 million.
Shares in Lumos last traded at 25.5 cents on June 1. The company has a $38.44 million market cap.