- Tesserent (TNT) ends the week in a trading halt in regard to an upcoming capital raising
- The cybersecurity company will remain in the halt until September 28 or when more details are released, whichever occurs first
- On August 19, Tesserent announced it had acquired cybersecurity firm Loop Secured through a share purchase deal
- Tesserent says the acquisition will add significant recurring revenue and position it as a leading provider of cybersecurity solutions and services
- Shares in Tesserent last traded at 23.5 cents on September 23
Tesserent (TNT) has ended the week in a trading halt in regard to an upcoming capital raising.
The cybersecurity company will remain in the halt until September 28 or when more details are released, whichever occurs first.
Tesserent is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 19, Tesserent announced it had acquired cybersecurity firm Loop Secure through a share purchase deal.
The acquisition was paid for through $9 million in cash and the issue of 15.9 million shares priced at 28 cents.
Headquartered in Sydney, Loop Secure is a leading Australian cybersecurity firm that provides offensive security and managed security services.
Tesserent said this acquisition will add significant recurring revenue and position it as a leading ASX-listed provider of cybersecurity solutions and services.
In its quarterly report, Tesserent’s operational earnings before tax, interest, depreciation and amortisation (EBITDA) or $3.8 million, up 125 per cent over the prior corresponding period.
The company also had record turnover of $38.2 million for the quarter, up 81.4 per cent from the previous quarter.
Tesserent ended the quarter with $14.86 million in the bank and cash flow positive with an operating balance of $5.3 million.
Shares in Tesserent last traded at 23.5 cents on September 23. The company has a $251.7 million market cap.