- Technology company Zimi (ZMM) enters a mid-week trading halt in regards to an upcoming capital raising
- The company will remain in the halt until Friday, August 5, or when an announcement with further details is released to the market, whichever occurs first
- Taking a look at its June quarterly, Zimi burnt through $622,000 with the majority going towards research and development
- As of June 30, the company had $2.66 million in total available funding, representing 4.3 quarters of use if spending levels remain the same
- Shares in Zimi last traded at 9.5 cents on August 1
Technology company Zimi (ZMM) has entered a mid-week trading halt in regards to an upcoming capital raising.
The company will remain in the halt until Friday, August 5, or when an announcement with further details is released to the market, whichever occurs first.
Zimi is yet to disclose how much it intends to raise or what it will use the money for once received.
Taking a look at its June quarterly, Zimi burnt through $622,000 with the majority going towards research and development. The company also used $114,000 in investing activities.
As of June 30, the company had $2.66 million in total available funding, representing 4.3 quarters of use if spending levels remain the same.
Zimi last tapped investors for cash in August 2021 when it undertook a $3.85 million placement.
The funds were raised through the issue of 256.67 million shares to sophisticated and institutional shareholders at a price of 1.5 cents each.
Zimi stated it would use the money to accelerate its sales strategy which includes its cloud and device products.
Shares in Zimi last traded at 9.5 cents on August 1. The company has a $6.2 million market cap.