- RightCrowd (RCW) has placed its shares in a trading halt while it undertakes preparations for an approaching capital raise
- The trading halt is expected to be lifted on or before March 24 when a formal disclosure regarding details of the capital raise is made to market
- RightCrowd has made no clear indication as to how much it is looking to raise or how it plans to spend the funds
- In its most recent quarterly cash flow report, Rightcrowd reported a cash balance of $3.7 million, which is enough to see it through roughly the next four quarters based on spending levels at the time
- Prior to the trading halt, RightCrowd shares last changed hands at 40 cents
RightCrowd (RCW) has placed its shares in a trading halt while it undertakes preparations for an approaching capital raise.
Company shares will remain locked up in the halt until a formal announcement regarding the raise been made to market, or the commencement of trading on on 24 March, whichever comes earlier.
RightCrowd has been light on in terms of details and has not revealed how much it is looking to raise or how it plans to spend the funds, only revealing in the announcement that it is currently working on the raise itself.
In terms of its business outlook, RightCrowd says it has seen a rapid acceleration of companies looking to proactively manage the safety of their workforce, and it expects that demand to continue to build.
As a result, RightCrowd says it will look to focus on developing its partner channels to scale commercial activities with the aim of expanding partnerships already in place during the second half of the year.
In its most recent quarterly cash flow report, Rightcrowd reported a cash balance of $3.7 million, which is enough to see it through roughly the next four quarters based on its spending levels at the time.
Prior to the trading halt, RightCrowd shares last changed hands at 40 cents.