- Matrix Composites & Engineering (MCE) enters into a trading halt while it plans the final details of an upcoming capital raise
- Currently, it is not known how much the company is aiming to raise or where the money will be used
- Company shares will be paused until Monday, November 29, or when further details about the raise is released to the market, whichever one comes first
- Recently, the company won a $4.2 million contract with US drilling contractor Transocean
- On the market, MCE last traded at 18 cents per share
Matrix Composites & Engineering (MCE) has entered into a trading halt while it plans the final details of an upcoming capital raise.
It is currently 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 Monday, November 29, or when further details about the raise is released to the market, whichever one comes first.
Matrix Composites & Engineering specialises in the design, engineering and manufacture of composite and advanced material technology solutions for the civil and infrastructure, resources, oil and gas, defence, and transportation industries.
Recently, the company won a $4.2 million contract with US drilling contractor Transocean.
Transocean is an offshore drilling contractor, and the purpose of this new contract is to upgrade drilling riser buoyancy.
The company will be upgrading to the ultra-deep water drillship modules, which is scheduled for delivery of the December halt of the 2022 financial year.
On the market, MCE last traded at 18 cents per share.