- SenSen Networks (SNS) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until November 9 or when more details are released, whichever occurs first
- In its September quarterly report, SenSen announced it had burnt through $1.78 million with the majority going towards staff, administration and corporate costs
- As of September 30, the company has more than $4.73 million in total available funding, representing 2.7 quarters of use if spending remains the same
- Shares in SenSen last traded at 13 cents on November 4
SenSen Networks (SNS) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The software company will remain in the halt until November 9 or when more details are released, whichever occurs first.
SenSen is yet to disclose how much it intends to raise or what it will use the funds for once received.
In its September quarterly report, SenSen announced it had burnt through $1.78 million with the majority going towards staff, administration and corporate costs.
The company also invested more than $1.17 million in its entities, property, plant and equipment.
As of September 30, the company has more than $4.73 million in total available funding, representing 2.7 quarters of use if spending remains the same.
SenSen last tapped investors for cash in January this year for a $7.15 million placement.
The funds were raised through the issue of 57.2 million shares to institutional and sophisticated investors at 12.5 cents.
SenSen used the money to add new executives in sales, marketing and project management, as well as extend its COGS inventory.
Shares in SenSen last traded at 13 cents on November 4. The company has a $72.46 million market cap.