Join our daily newsletter At The Bell to receive exclusive market insights
- Mighty Kingdom (MKL) enters a trading halt as it prepares to undertake a capital raise
- Trading of MKL shares will be paused until at least Wednesday, August 3, or until the company releases further details
- MKL flagged the likelihood of a capital raise in its recent June quarterly report after it had $3.96 million in available funding
- At the end of the period, the company said it was planning to re-evaluate its IP initiatives
- Shares in the company last traded at 3.8 cents each on July 29
Mighty Kingdom (MKL) has entered a trading halt as it prepares to undertake a capital raise.
Trading of MKL shares will be paused until at least Wednesday, August 3, or until the company releases further details.
MKL had flagged the likelihood of a capital raise in its recent June quarterly report after it had $3.96 million in available funding.
This money was estimated to last just over a quarter but Mighty Kingdom said it was planning to reduce its cash burn and lift revenue.
During the June quarter, it achieved its biggest growth in revenue in its history, recording a 51 per cent climb from the previous quarter.
At the end of the period, the company said it was planning to re-evaluate its IP initiatives.
Whilst it is still unknown where the funds will be specifically directed, this could be a possible source.
Shares in the company last traded at 3.8 cents each on July 29.
