- Medical tech support company Opyl (OPL) has begun the week in a trading halt for the purpose of an upcoming placement
- The company will remain in the halt until the earlier of March 31 or when more details regarding the placement are released
- For the half-year ending December 31, 2020, Opyl delivered a maiden profit of nearly $22,000, up from the $843,000 loss in the prior corresponding period
- The company credited the increase to growing demand for social media insights projects, material reductions in costs and an R&D tax refund
- Shares in Opyl last traded at 18 cents on March 24
Medical tech support company Opyl (OPL) has begun the week in a trading halt for the purpose of an upcoming placement.
The company will remain in the halt until the earlier of March 31 or when more details regarding the placement are released.
Opyl is yet to disclose how much it intends to raise or what it will do with the funds once received.
For the half-year ending December 31, 2020, Opyl delivered a maiden profit of $21,658, up 102 per cent from the $843,233 loss in the prior corresponding period.
Revenue also increased 32.9 per cent to $487,444.
The company credits these increases to growing demand for social media insights projects, material reductions in costs and an R&D tax refund.
Opyl last tapped investors for cash in June 2020, when it undertook a $730,000 placement.
The funds were raised through the issue to around 7.4 million fully paid ordinary shares at 10 cents.
This price represented at 23.1 per cent discount to Opyl’s share price of 13 cents on June 17 and a 20.4 per cent discount to the 15-day volume-weighted average price.
Opyl used the money to build its team as it expands its contracts across the digital and social media platforms.
Shares in Opyl last traded at 18 cents on March 24. The company has a $6.64 million market cap.