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- RooLife Group (RLG) has entered a trading halt ahead of a capital raise announcement
- The digital marking and eCommerce company announced the capital raise would take the form of a placement and rights issue
- Recently, RooLife reported $3.4 million in unaudited FY20 revenue — a staggering 380 per cent increase from FY19
- At present, RooLife is aiming to secure new brands by broadening and promoting its product and service suite and capitalising on China’s mobile and social commerce sector
- Company shares last traded for 3.3 cents each on Tuesday, August 18
RooLife Group (RLG) has entered a trading halt ahead of a capital raise announcement.
The digital marking and eCommerce company announced the capital raise would take the form of a placement and rights issue. However, how much RLG is aiming to raise has not been disclosed.
Recently, RooLife reported $3.4 million in unaudited FY20 revenue — a staggering 380 per cent increase from FY19.
However, the company is focused on executing a number of growth strategies from here on out.
RooLife is aiming to secure new brands by broadening and promoting its product and service suite and capitalising on China’s mobile and social commerce sector.
The company has a solid presence in China, having recently secured $6 million in new contract sales through its platform. Earlier this year, RooLife also partnered with Alipay, which is a world-leading mobile and online payment platform with around 1.2 billion users globally. Of this, 900 million users come from China.
Where partnerships are concerned, RooLife is focused on activating projects through Alipay and reactivating tourism and airport partnerships when travel restrictions ease.
The third portion of its strategy is building on each of its revenue streams, which include its global services, annual licence and service fees, royalties and commissions from products and other transactional revenue.
While RooLife ended the quarter with $1.34 million in the bank, this is a drop from the $1.79 million it started the period with. Perhaps the company is looking for a stronger cash position to execute its is growth strategies.
Company shares last traded for 3.3 cents each on Tuesday, August 18.
