- Magnis Energy Technology (MNS) is getting ready to raise more capital after placing its shares in a trading halt
- The lithium-ion battery cell producer entered the halt on Tuesday, with shares due to begin trading again on Thursday
- No details have been released about the raise, but this is the second time in recent months that MNS has tapped shareholders for extra cash
- Magnis raised $34 million via a placement in February this year and ended March with $29.73 million in the bank
- Company shares last traded at 27 cents per share on July 26
Magnis Energy Technology (MNS) is getting ready to raise more capital after placing its shares in a trading halt.
The lithium-ion battery cell producer entered a trading halt on Tuesday morning, with shares due to begin trading again on Thursday, July 29.
No details of the proposed capital raise have been released. However if it goes ahead it will be the second time in recent months MNS has fundraised.
Magnis announced in February it had raised $34 million via a share placement, with the funds used to fast-track development at the iM3NY lithium-ion battery plant in New York.
The company ended March with $29.71 million in the bank, after spending $2.58 million on operating activities.
It hasn’t released its latest quarterly update, but as of March 31, it had enough cash in the bank to keep running for another 10.7 quarters of growth.
Before today’s trading halt, shares in Magnis Energy Technologies were trading at 27 cents per share on July 26.