- SportsHero (SHO) has placed its shares in a trading halt as it prepares to execute another fundraise
- The real-time fantasy sports app entered the halt after the close of market on Wednesday, requesting time to plan and execute a capital raise
- No details have been released just yet, with shareholders likely having to wait until February 8 to find out how much the company will tap investors for
- This marks the second time in recent months SportsHero has carried out a fundraise, with the business raising $450,000 last month
- The raise was much needed, as the company ended the December quarter with $888,000 in cash in the bank
- Considering SportsHero spent $540,000 on operating expenses during the period, that’s only enough money to keep it going for another 1.64 quarters
- Before the trading halt was implemented, SHO shares were trading at 3.4 cents each
SportsHero (SHO) has placed its shares in a trading halt as it prepares to execute another fundraise.
The real-time fantasy sports app entered the trading halt after the close of market on Wednesday, February 3.
No details have been released about how much SHO is planning to raise, with the company instead requesting time to plan and execute the capital raise.
Shareholders will likely have to wait until Monday, February 8, to find out exactly how much the company is planning to raise – the last day of the trading halt.
This latest capital raise announcement from SHO marks the second time in recent months the business has carried out a fundraise.
SportsHero raised $450,000 last month, after issuing 18 million shares at 2.5 cents each to First Growth Funds.
The sporting app first announced it would be raising funds back in November, but it needed shareholder approval before the shares could be issued.
The additional capital was much needed for the business, as it ended the December quarter with only $888,000 in cash in the bank.
Considering SportsHero spent $540,000 on operating expenses during the period, that $880,000 is only enough money to keep it going for another 1.64 quarters.
Before Wednesday’s trading halt was implemented, SHO shares were trading at 5.4 cents each on Tuesday, February 2.