with a United States group that would result in a likely listing on the Nasdaq exchange in New York, went into yet another trading halt on Tuesday.a public float
in late 2019, asked for a trading halt pending an update on the proposed transaction and a push to secure $30 million in bridge funding for the next few weeks. Carbon Revolution had been scheduled to announce its December cash flow statement on Tuesday and had a 9.30am investor briefing in place when executives were due to run shareholders through the numbers. But that briefing was cancelled at 9.14am.
The company said in a subsequent announcement to the ASX that a trading halt would be in place until Wednesday at the latest, or until an update relating to “the status of the transaction and the bridge funding required in connection with the transaction” were announced. Carbon Revolution makes lightweight wheels that are increasingly sought after by electric vehicle makers. It is headed to a US listing but there are short-term cash flow issues.The company is based near Geelong in Victoria and is earmarked as a potentially big beneficiary of the global shift
Source: News Formal (newsformal.com)
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