- Wellnex Life (WNX) places its shares in a trading halt in regard to an upcoming material capital raising
- The health and wellness company will remain in the halt until Thursday, October 20 or when an announcement with further details is released, whichever occurs first
- On October 10, Wellnex announced its joint venture partner OneLife Botanicals had completed the acquisition of MediPharm Labs Australia
- The acquisition enables Wellnex to enter the Specialised Access Market with products expected to be available by the end of the year
- Shares in Wellnex last traded at 8.7 cents on October 13
Wellnex Life (WNX) has placed its shares in a trading halt in regard to an upcoming material capital raising.
The health and wellness company will remain in the halt until Thursday, October 20 or when an announcement with further details is released, whichever occurs first.
Wellnex is yet to disclose how much it intends to raise and what it will do with the money once received.
On October 10, Wellnex announced its joint venture partner OneLife Botanicals had completed the acquisition of MediPharm Labs Australia.
The acquisition enables Wellnex to enter the Specialised Access Market with products expected to be available by the end of the year.
Further, it also enables the company to get approval for an over-the-counter medicinal cannabis product under schedule three classification.
Wellnex has begun the process the get registration and expects it will be achieved by the end of 2023.
Once registration has been received, Wellnex will receive a four per cent stake in OneLife – giving it ownership across the whole value chain.
Shares in Wellnex last traded at 8.7 cents on October 13. The company has a $26.38 million market cap.