Join our daily newsletter At The Bell to receive exclusive market insights
- Roots Sustainable Agricultural Technologies (ROO) enters a trading halt regarding an upcoming capital raise
- The company is yet to provide any details on the raise but did reveal in its September quarterly report yesterday that it planned to raise some additional funds
- This comes as Roots ended the last quarter with just US$105,000 (A$166,175) in cash and 0.24 estimated quarters left of funding
- On a positive note, Roots secured multiple sales agreements in different regions for its Roots Zone Temperature Optimisation technology, providing it with expansion opportunities
- Company shares last traded at 0.4 cents on October 18
Roots Sustainable Agricultural Technologies (ROO) has entered a trading halt regarding an upcoming capital raise.
The company hasn’t provided any details yet on how much it will raise or how it plans to spend the funds.
Yesterday, however, Roots delivered its September quarterly report which outlined that it had just US$105,000 (A$166,175) left in cash and 0.24 estimated quarters left of funding.
In the report, the agri-tech company prefaced that it does plan to raise additional funds through loans and equity in the December quarter.
Highlights of the September quarter included securing multiple sales agreements across the US, UK, United Arab Emirates and Israel, underpinning the growing demand for its Roots Zone Temperature Optimisation (RZTO) technology.
The RZTO technology supports the agricultural and farming industry by increasing yields, allowing for off-season planting and harvesting, and mitigating extreme heat and cold stress while reducing energy consumption.
Roots expects to come out of the trading halt by Friday, October 21, by which time it plans to announce the capital raise details.
Company shares last traded at 0.4 cents on October 18.
