- Telecommunications company Spirit Technology Solutions (ST1) has placed its shares in a trading halt ahead of a material acquisition and capital raise
- Spirit is expected to resume trading on or before Wednesday, March 31, when a formal disclosure regarding the raise and acquisition are made to market
- While Spirit hasn’t laid any explicit plans regarding the buy or how much it is looking to raise, but the company hinted at further acquisitions in its recent announcement to divest from its consumer infrastructure assets
- Prior to today’s trading halt, Spirit Technology last changed hands at 35 cents per share
Telecommunications company Spirit Technology Solutions (ST1) has placed its shares in a trading halt ahead of a material acquisition and capital raise.
In the announcement, Spirit advised its shares would remain in a trading halt until the earlier of commencement of trading on Wednesday, March 31 or when a formal disclosure regarding the raise and acquisition is made to market.
Spirit hasn’t offered any clear details as to how much it hopes to make from the raise or its subsequent plans thereafter, or revealed any specifics regarding the acquisition.
In most recent developments for Spirit, the company flagged plans to divest from infrastructure assets associated with its consumer business, affirming its consumer assets account for a small amount of its revenue compared to its business-to-business (B2B) assets.
According to the company, proceeds from the sale were set to go towards acquiring high-growth assets across cybersecurity, cloud and IT services — citing high demand within its B2B customer base.
Prior to today’s trading halt, Spirit Technology last changed hands at 35 cents per share.