- Wellfully (WFL) enters a trading halt while it plans a capital raise
- The company has not yet said how it will spend the funds nor how much it intends to raise
- It expects to come out of the trading halt by Monday, October 10, by which time it plans to have released the details of the capital raise
- Shares in Wellfully last traded at 2.8 cents on October 5
Wellfully (WFL) has entered a trading halt while it plans a capital raise.
The company has not yet said how it will spend the funds nor how much it intends to raise.
It expects to come out of the trading halt by Monday, October 10, by which time it plans to have released the details of the capital raise.
Earlier this week, the company received good manufacturing practice (GMP) certification for its Swisswell facility in Lugano, Switzerland.
Wellfully received certifications for a number of its systems, including quality management, environmental management, compliance of HR management, and GMP compliance in manufacturing cosmetic products.
WFL said this is an important milestone for its operation that received approval for the use of the Swiss Made label earlier this year.
The company had also released its annual report, highlighting doubled revenue of over $2.6 million.
In the report, Wellfully lifted customer receipts from $631,716 in FY21 to $2.25 million.
Meanwhile, the company recorded cash outflows of $8.25 million, with its largest expenses being for directors and employee benefits, as well as marketing and operations services.
Additionally, it recorded loss after income tax of $7.3 million and finished the period with $317,669 in cash and cash equivalents.
Shares in Wellfully last traded at 2.8 cents on October 5.