- Internet of Things (IoT) specialist Flexiroam (FRX) is set to launch its second capital raise in just three months after entering a two-day trading halt on Tuesday morning
- The company will announce details of the raise on Thursday, but at this point it’s unclear how much the company plans to raise or what it will use the funds for.
- Flexiroam raised $1.5 million in October 2021 through a private equity placement, with new shares issued at an 18% premium to its last closing price at the time
- The company ended the December quarter with approximately $2.25 million in funding in the bank after posting a negative net cash result of $764,000.
- Flexiroam shares last traded at 5 cents apiece on Wednesday February 7
Internet of Things (IoT) specialist Flexiroam (FRX) is set to launch its second capital raise in just three months after entering a two-day trading halt on Tuesday morning.
The company said it would announce details of the raise by Thursday, Feb. 10, when the shares would resume trading on the ASX. At this stage, it has not yet been confirmed how much Flexiroam plans to raise and what the company will use the funding for.
The news comes after FlexiRoam raised $1.5m through a private equity placement in October 2021. Shares in this cap increase were priced at an 18% premium to the last price. closing date of FRX at the time.
The company ended the December quarter with approximately $2.25 million in funding in the bank after posting a negative net cash result of $764,000. At this rate of cash burn, FlexiRoam would have until around the end of September before funds start to run out.
Nonetheless, the company said in January that it continued to deliver “outstanding improvement” in all operating metrics in the December quarter.
In 2022 so far, Flexiroam has entered into an IoT agreement with Asia Mobility for the car and public transport provider’s vehicle fleet in Malaysia, Singapore and Thailand.
Flexiroam has also signed its first European white label IoT reseller via a commercial agreement with the Dutch company Thingsdata.
Flexiroam shares last traded at 5 cents apiece on Wednesday, February 7. The company has a market capitalization of $27.7 million.