- Biotechnology company Stemcell United (SCU) has entered a mid-week trading halt as it prepares to undertake a capital raising
- The company will remain in the halt until April 15 or when an announcement is made, whichever occurs first
- Stemcell last tapped investors for cash in mid-January when it undertook a $1 million private placement
- Once received, the money was used to finance the company’s hemp and sea grape projects in Australia and Singapore
- Taking a look at its financials, Stemcell recorded a revenue increase of 412 per cent to nearly $3.7 million for the half-year ending December 31, 2020
- The company also recorded a net loss of $1.3 million, up 89 per cent from the prior corresponding period
- Shares in Stemcell last traded at 2.1 cents on April 12
Biotechnology company Stemcell United (SCU) has entered a mid-week trading halt as it prepares to undertake a capital raising.
The company will remain in the halt until April 15 or when an announcement is made, whichever occurs first.
Stemcell is yet to disclose how much it intends to raise or what it will do with the funds once they have been received.
Stemcell last tapped investors for cash in mid-January when it undertook a $1 million private placement.
All up, 67,160,836 fully-paid ordinary shares were issued at 1.5 cents.
Once received, Stemcell used the money to finance its hemp and sea grape projects in Australia and Singapore.
Taking a look at its financials, Stemcell recorded a revenue increase of 412 per cent to nearly $3.7 million for the half-year ending December 31, 2020.
The company also recorded a net loss of $1.3 million, up 89 per cent from the prior corresponding period, primarily due to increased share-based payments.
As of December 31, Stemcell had just over $2 million in cash and cash equivalents.
Shares in Stemcell last traded at 2.1 cents on April 12. The company has a $17.64 million market cap.