- Meditech company TALi Digital (TD1) calls a two-day trading halt as it gears up to tap investors for a fresh round of funding
- The company is yet to release the details of the raise, but TALi mentioned in its half-yearly report on Monday that it was launching and placement and share purchase plan
- TALi says it will use the funding boost to work towards some important development milestones as per a licence agreement with Akili Interactive Labs
- TALi had roughly $1.3 million in cash reserves at the end of December 2021
- Shares in TALi Digital last traded for 1.9 cents each on Monday, February 28
Meditech company TALi Digital (TD1) has called a two-day trading halt as it gears up to tap investors for a fresh round of funding.
While the company is yet to release the details of the upcoming raise, TALi tipped investors off about its fundraising plans in its half-yearly financial report released on Monday.
In the report, TALi revealed that it had initiated plans to launch a share placement and a share purchase plan to existing shareholders to bolster its balance sheet given its $1.3 million in cash reserves at the end of December 2021.
The company said the funds would be used to achieve some important development milestones as per a licence agreement struck with Akili Interactive Labs in August last year.
The achievement of these development milestones would see TALi able to seek approval from the US Food and Drug Administration (FDA) for Akili to market TALi’s paediatric ADHD digital therapy tech.
TALi said it also planned to re-initiate direct consumer marketing efforts in India, with a strong focus on direct-to-consumer marketing initiatives. Further, the company plans to bolster its research and development activities in diverse cognitive performance areas like the condition of Mild Cognitive Decline.
Given the company’s comments from the half-yearly report, shareholders know what the extra funds will be used for, but TALi is yet to announce how much it plans to raise through the placement and share purchase plan.
The details of the cap raise are slated to be announced on Thursday, March 3.
Shares in TALi Digital last traded for 1.9 cents each on Monday, February 28. The company has a $17.7 million market cap.