- Electric scooter manufacturer Vmoto (VMT) has been placed in a trading halt ahead of an upcoming capital raise
- This means Vmoto shares will be paused until Wednesday, August 12, or when the company releases more information about the capital raise
- Last week, Vmoto reported a second-quarter operation cash flow of approximately $1.5 million and claimed it had $7.3 million in the bank
- The company also enjoyed a record number of sales, with 6398 units sold — up 55 per cent on the first quarter of 2019
- Vmoto last traded for 52.5 cents per share on August 7
Electric scooter manufacturer Vmoto (VMT) has been placed in a trading halt ahead of an upcoming capital raise.
The company’s shares will be in the halt until Wednesday, August 12, or when it releases more details about the capital raise.
Last week, Vmoto provided an update on its second-quarter results in 2020. The company says the quarter delivered strong operational and commercial growth.
By the end of Q2, Vmoto had a strong positive operational cash flow of around $1.5 million and claimed it had $7.3 million in the bank. The company also delivered a record number of sales, with 6398 units sold — up 55 per cent on 2019’s first quarter and 105 per cent on the same year’s Q2.
Over the period, Vmoto saw an increase in business customers, which include food delivery, parcel delivery and ride-sharing companies for its new business to business products.
Source: Vmoto
This quarter also saw the company appoint new exclusive international distributors and continue discussions with several potential clients.
In addition, Vmoto delivered 2000 units of its ride-sharing products to Go Sharing in the Netherlands. A further 1500 units are getting ready for delivery later this year.
Finally, the company exported its first order of 60 ridesharing electric scooters to its new customers, re.volt, in the Czech Republic.
Significantly, Vmoto believes the COVID-19 pandemic will actually increase its business in the long term.
Vmoto last traded for 52.5 cents per share on August 7.