- Education tech company OpenLearning (OLL) enters a trading halt while it finalises the details of a capital raise
- In its June quarterly report, the company said it had $2.75 million in cash and less than two quarters of estimated funding available
- OpenLearning expects to come out of the halt by October 12, when it will announce how much it is raising and what it will use the money for
- OpenLearning last traded at 2.8 cents on October 7
OpenLearning (OLL) has entered a trading halt while it finalises the details of a capital raise.
The company hasn’t provided any details on how much it plans to raise nor how it will spend the funds once received.
At the end of the June quarter, OpenLearning had a cash balance of $2.75 million and 1.74 estimated quarters left of funding before needing to secure additional capital.
The company was in the process of a strategic business review to reduce costs, improve its financial position and transition to a distributor model.
OpenLearning is an education technology company that offers teachers and other education providers an online learning platform to encourage user interaction and support for different courses and degrees.
The company expects its shares will remain in the halt until Wednesday, October 12, by which time the capital raise details would have likely been released.
OpenLearning last traded at 2.8 cents on October 7.