- Structural Monitoring Systems (SMN) places its shares in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until March 10 or when an announcement with further details is released, whichever occurs first
- Yesterday, SMN announced it had received formal US Federal Aviation Administration (FAA) certification for its aeroplane crack detection technology
- SMN’s Comparative Vacuum Monitoring Sensor technology is designed to reduce the time and effort required to detect cracks in Boeing 737-800 aircraft
- Company shares end the day 4.17 per cent in the green to trade at $1
Structural Monitoring Systems (SMN) has placed its shares in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until March 10 or when an announcement with further details is released, whichever occurs first.
SMN is yet to disclose how much it intends to raise or what it will use the funds for once received.
Yesterday, SMN announced it had received formal US Federal Aviation Administration (FAA) certification for its aeroplane crack detection technology.
The company’s Comparative Vacuum Monitoring (CVM) Sensor technology is designed to reduce the time and effort required to detect cracks in Boeing 737-800 aircraft.
Currently, cracks are identified via a tedious process consisting of operators removing overhead ceiling panels, ducting and insulation blankets.
The CVM technology reduces all this and allows inspections to be performed in just 30 minutes.
SMN last tapped investors for cash in January when it announced it would be undertaking a $6 million underwritten non-renounceable rights issue.
Up to 10,230,953 chess depository interests (CDIs) were issued to shareholders priced at 60 cents each. An oversubscription facility was also put in place to raise a further $3 million.
Additionally, participants could also receive one option for every 10 CDIs held at an issue price of 10 cents to raise a further $1.2 million. These CDIs are exercisable at 90 cents with expiry on January 31, 2024.
Notably, the SMN did not state what it would be using the money for.
Company shares ended the day 4.17 per cent in the green to trade at $1.