- MyFiziq (MYQ) shares have entered a trading halt as the healthtech stock prepares for a capital raise
- While the details of the raise are yet to be released, MYQ shares should resume trade by Wednesday, October 15
- Until then, shareholders won’t know just how much the company intends to raise or what the funding will be used for
- MyFiziq’s latest fundraising foray comes just one week after the company signed two health monitoring deals with Nexus-Vita and Jayex Healthcare
- Within the next fortnight, the company should also receive a final payment to support its proposed NASDAQ initial public offering
- MYQ shares ended the week trading for $1.36, and will remain at this price until the company’s trading halt lifts later this week
MyFiziq (MYQ) shares have entered a trading halt as the healthtech stock prepares for a capital raise.
While the details of the raise are yet to be released, MYQ shares should resume trade by Wednesday, October 15.
Until then, shareholders won’t know just how much the company intends to raise or what the funding will be used for.
MyFiziq’s latest fundraising foray comes just one week after the company signed two health monitoring deals.
The first, inked with Singapore’s Nexus-Vita, will see MyFiziq incorporate its CompleteScan technology with the company’s health monitoring platform in a deal worth at least US$3.6 million (around A$5 million) in annual revenue.
Then, on Thursday, MyFiziq announced it had signed a similar agreement with the U.K.’s Jayex Healthcare (JHL). Under the agreement, MYQ will also combine its body scanning platform with Jayex’s technology.
While MYQ is yet to see the financial impact of this latest deal, it does expect to generate licence and other fees in the future.
To close off the week, MyFiziq announced it had engaged Ladenburg Thalmann & Co. as lead underwriter as it gears up to list on the NASDAQ.
It comes as MYQ awaits the last funding instalment from Asia Cornerstone Asset Management (ACAM), which offered the company US$1.5 million (around A$2.08 million) to fund its float on the tech-heavy U.S. exchange.
Under that agreement, MyFiziq should receive a final US$375,000 (around A$522,385) payment within the next fortnight.
MYQ shares ended the week trading for $1.36, and will remain at this price until the company’s trading halt lifts later this week.