The Galan Lithium Ltd (ASX: GLN) share price is crashing after the ASX miner posted its latest quarterly update.

Shares in the lithium hopeful dived 4.2% to $1.25 during lunch time trade, although its peers aren’t doing much better.

The Orocobre Limited (ASX: ORE) share price lost 0.1% to $9.55, while the Pilbara Minerals Ltd (ASX: PLS) share price shed 2% to $2.22 at the time of writing.

Galan Lithium share price in cooldown

It’s probably more good ol’ profit taking that’s driving the sell-off more than anything sinister as ASX lithium shares have surged over the past year.

For example, the Galan Lithium share price is sitting on an 850% increase in the past 12-months. Management will need more than a positive spin on the quarterly to drive the shares higher in the near-term.

At least Galan Lithium didn’t let the rally go to waste. It raised $50 million via an institutional placement which boosted its cash holdings to just over $42 million.

Cash to fund lithium projects

That should last it a while as it looks to prove up its Argentinian projects. The miner’s focus in the latest quarter was on the ongoing feasibility works and next round of drilling at its high-grade Hombre Muerto West (“HMW”) project.

It also reported that it is moving closer to awarding the engineering component of the feasibility studies to an engineering company. It’s currently in discussions with three international firms.

Meanwhile, Galan Lithium is also advancing its scoping studies at the Candelas project. Both projects are in the Hombre Muerto West salt flat in the South American Lithium Triangle.

Galan Lithium owns 100% of these projects and holds an 80% stake in the Greenbushes South Lithium project. The balance is held by its joint-venture partner Lithium Australia NL (ASX: LIT).

Hot commodity

Lithium has been the hot commodity over the past year. It’s the main input into batteries, which are used in electric vehicles (EVs).

Some experts believe supply will struggle to keep up with demand due to the growing popularity of EVs. The decarbonisation of the world will also add to demand for batteries to store power from sustainable energy sources.

Against this background, the junior explorer has outrun its bigger peers. That’s not surprising as it tends to be the more speculative ASX mining shares that do better when commodities are running hot.

Galan Lithium share price tops its bigger peers

The Pilbara Minerals share price powered up nearly 500% over the past year but that’s still 392% behind Galan Lithium’s share price run.

In case you are wondering, the Orocobre share price chalked up a gain of 255%, while the Lithium Australia share price added 180% over the period.

The post Galan Lithium (ASX:GLN) share price tumbles after it posted its quarterly report appeared first on The Motley Fool Australia.

More reading

• Pilbara Minerals (ASX:PLS) share price on watch after record lithium auction results
• Here are the top 10 ASX shares today
• These 3 ASX 200 shares are topping the volume charts this Tuesday
• Why Crown, Dicker Data, Neometals, and Pilbara Minerals are surging higher
• ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher

Motley Fool contributor Brendon Lau owns shares of Orocobre Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Race Oncology Ltd (ASX: RAC) share price is edging lower today despite a positive development by the pharmaceutical company.

At the time of writing, Race Oncology shares are fetching for $3.23, down 2.12%. This means over the past month, its shares have fallen almost 10%.

What did Race Oncology announce?

In its statement, Race Oncology advised it has entered into a research collaboration with Chaim Sheba Medical Centre in Israel.

The partnership will see the team at Chaim Sheba analyse clinical patient samples from the ongoing Zantrene study for FTO and related biomarkers. FTO refers to the fat mass and obesity-associated (FTO) gene, which mostly influences the body mass index (BMI).

Race Oncology is currently in a phase 1b/2 relapsed/refractory (R/R) Acute Myeloid Leukemia (AML) Zantrene trial.

AML is a type of blood cancer that starts in the bone marrow and usually moves into the bloodstream. While treatment options are limited, if not addressed, AML can be life-threatening.

The biomarker testing is expected to provide better understanding from patient tumour samples before, during and after treatment with Zantrene.

Dr Dan Dominissini, a world-renowned expert in RNA biomarkers will oversee the FTO analysis.

Race Oncology chief science officer, Dr Daniel Tillett commented:

We are delighted to be extending our successful collaboration with the team at Chaim Sheba to generate important data on the effects of Zantrene on FTO and related molecules. These data will give us the first insights into the effect of Zantrene in patients on FTO and m6A RNA methylation and continues to advance our Three Pillar Strategy.

Chaim Sheba lead, Dr Dominissini added:

We are excited to see these basic discoveries translated into the clinic by the Zantrene study of Race Oncology for relapsed or refractory AML. We hope that our scientific collaboration will advance the understanding of the correlation between FTO and m6A status in AML and response to treatment.

About the Race Oncology share price

Race Oncology shares have gained more than 200% in the past 12 months and are up by more than 80% year to date.

Based on today’s price, Race Oncology has a market capitalisation of about $542 million, with 143 million shares on issue.

The post Race Oncology (ASX:RAC) share price struggles despite new Leukemia study appeared first on The Motley Fool Australia.

More reading

• Race Oncology (ASX:RAC) share price edges higher amid patent update
• Why the Race Oncology (ASX:RAC) share price is storming higher today
• Why the Race Oncology (ASX:RAC) share price surged 7% today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Codan Limited (ASX: CDA) share price is slumping during afternoon trade after spending most of the morning in the green. This comes after the technology company announced to investors that it has secured a significant contract.

At the time of writing, Codan shares are swapping hands for $11.62, down a sizeable 13.8%. This means that its shares have swung 18% today.

Let’s take a closer look at what the company announced to the ASX at market open.

Codan succeeds in new military contract

Investors are sending Codan shares lower despite the company delivering a seemingly positive announcement to the ASX.

In its announcement, Codan advised its wholly-owned subsidiary DTC Communications has secured a significant contract with a global technology corporation.

The multi-year deal will see DTC supply its communications equipment to a sensitive military program. Its mesh technology enables short-range, high bandwidth communications for wireless transmission of video and other data applications.

The initial purchase order for the DTC products will be delivered in the next 12 months. Valued at US$28.2 million ($37.6 million), 60% of the equipment is expected to be sent sometime during FY22.

Codan noted the contract is strategically important and will help grow its business in the communications solutions market.

The purchase order and agreement are subject to the customary termination conditions.

What does Codan do?

Founded in 1959, Codan designs and manufactures a range of electronic products and software for governments, businesses, aid and humanitarian, and customer markets.

The company uses radio wave technology for communications solutions, including powering metal detectors to find gold, visualising complete mine operations underground, and powering defence electronics.

Codan share price summary

It’s been a sound 12 months for Codan investors with the company’s shares rising by almost 20% — until today. The hit to Codan’s share price this afternoon has scaled back its 12-month gains to 3.51%.

Year-to-date, its shares have fared a little better at 5.37%.

The company’s shares are now hovering towards the bottom end of their 52-week range between $9.20 and $19.43.

Based on today’s price, Codan commands a market capitalisation of roughly $2.1 billion and has approximately 180.8 million shares outstanding.

The post Why is the Codan (ASX:CDA) share price free-falling 13% today? appeared first on The Motley Fool Australia.

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• Why ASX 200 tech shares are leading the charge higher today
• 2 ASX shares having a shocker that could be bargain buys right now
• Here are the top 10 ASX shares today
• Which ASX 300 shares are the major movers today?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Little Green Pharma Ltd (ASX: LGP) share price is well in the green today, currently up 3.7% at 70 cents after soaring 7% higher this morning.

Below we take a look at the ASX cannabis share’s quarterly results that look to be driving investor interest.

What did the quarterly update reveal?

Little Green Pharma’s share price is soaring after the company reported “strong revenue growth” and a record month of sales for September.

Unaudited revenue came in at $3.18 million while the company reported an all-time monthly high of $1.39 million in sales for September.

As at 30 September, Little Green Pharma had a cash position of $29.1 million. It reported that, “Cash receipts lagged sales as debtors missed the cut-off for the month, with over $900,000 being received in the first few days of the current quarter.”

Growth and acquisitions

The Little Green Pharma share price may also be getting a boost from the strong growth in its Australian market. The company reported 4,580 new patients, a 39% quarter-on-quarter increase. And 110 new prescribers represented an increase of 46% from new prescribers coming on board during the previous quarter.

During the quarter, the company also completed its $6 million acquisition of “the properties underlying its cultivation and manufacturing facilities in Western Australia, as well as the two adjoining properties”.

Little Green Pharma said it was continuing to focus on European commercial sales. In line with that, the company has started integration of its Danish facility.

Atop its cannabis offering, the company also is progressing with its psychedelics business. In September, the Western Australian State Health department revised Little Green Pharma’s Schedule 9 licence “to permit the supply of psilocybin”.

Little Green Pharma share price snapshot

Over the past 12 months, the Little Green Pharma share price has rocketed 105.8%. That compares to a gain of 24% posted by the All Ordinaries Index (ASX: XAO) over that same time.

Little Green Pharma’s shares have been trading relatively flat over the past month.

The post Little Green Pharma (ASX:LGP) share price leaps 7% on revenue growth appeared first on The Motley Fool Australia.

More reading

• How did ASX healthcare shares perform in the FY22 first quarter?
• Little Green Pharma (ASX:LGP) share price lifts as bosses reflect on a big year

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading slightly lower. At the time of writing, the benchmark index is down to 7,441.4 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

Life360 Inc (ASX: 360)

The Life360 share price is up 6% to $10.48. Investors have been buying the mobile app maker’s shares following the release of another impressive quarterly update. During the third quarter, Life360 delivered underlying revenue growth (excluding Jiobit) of 45% year-on-year to US$29.3 million. In addition, Life360’s Annualised Monthly Revenue (AMR) (excluding Jiobit) grew 48% year on year to US$120.1 million. In light of this strong form, management upgraded its guidance for FY 2021.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is up 2% to $3.63. This follows the release of the document productivity software company’s third quarter update. Management revealed that its annual recurring revenue (ARR) was up 50% year-on-year. In addition, its transition to a software-as-a-service business model is gathering momentum. Subscription revenue now represents 68% of total revenue compared to 56% a year ago. As with Life360, this strong quarter led to management upgrading its full year guidance.

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance Worldwide share price is up 5% to $5.45. The catalyst for this appears to have been the release of a broker note out of Macquarie this morning. According to the note, the broker has upgraded the plumbing parts company’s shares to an outperform rating with a $5.95 price target. This follows the announcement of a key acquisition on Tuesday.

Uniti Group Ltd (ASX: UWL)

The Uniti share price is up 5% to $4.17. This morning the telco revealed that it will undertake a share buyback. This is despite the company’s shares trading within sight of their record high. The release notes that the buy-back will be within the 10/12 limit permitted by the Corporations Act 2001. As such, shareholder approval is not required.

The post Why Life360, Nitro, Reliance Worldwide, and Uniti shares are charging higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk crashes, Woolworths tumbles
• Why is the Nitro Software (ASX:NTO) share price on the rise on Wednesday?
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• Reliance Worldwide (ASX:RWC) share price falls despite acquisition news and trading update
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Life360, Inc. and Reliance Worldwide Corporation Limited. The Motley Fool Australia has recommended Nitro Software Limited, Reliance Worldwide Corporation Limited, and Uniti Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Splitit Ltd (ASX: SPT) share price is wobbling on the ASX today despite no price-sensitive news having been released by the buy now, pay later (BNPL) company.

However, the company did publish its presentation of the Goldman Sachs Emerging Technology Conference to the ASX today. It also updated market watchers on when they can expect its quarterly investor update.

At the time of writing, the Splitit share price is 39.5 cents, flat with its previous close.

However, earlier today the BNPL provider’s stock reached 40 cents, representing a 1.2% gain before tumbling to 39 cents, a 1.27% drop.

Let’s take a look at today’s non-price sensitive news from Splitit.

Splitit looks to the future

While it likely hasn’t moved the Splitit share price today, the company did publish an optimistic presentation this morning.

Within it, Splitit stated traditional credit cards work for the wealthy, but 52% of consumers, with $3.1 trillion of spending power, would choose to pay credit debt off over time if they could.

Additionally, it claimed 52% of Millennials and 44% of Gen Zs have previously maxed out a credit card, making them wary of credit and turning them towards BNPL services.

That’s where the company asserts it comes in. For those who aren’t aware of how Splitit differs from other BNPL services, here’s a quick refresher.

Splitit works by using a customer’s existing credit to reserve a purchase. When a customer chooses to pay for a purchase using Splitit, Splitit holds the balance of the purchase over the customer’s credit limit but only charges a portion of the purchase price.

The company makes its money by charging merchants fees.

Thus, Splitit believes it’s in a “best of both worlds” position between credit card providers and BNPL services. 

The company also states the United States’ credit card market is expected to grow to US$990 billion by 2023.

To get its slice of the pie, Splitit is focusing on markets in the United States and the United Kingdom, and industries with higher average order values.

To help it grow, it will investigate credit card usage patterns as well as branded and white-label opportunities.

It also wants to increase its merchant acceptance and improve onboarding experiences.

Finally, it won’t be long until the market gets a squiz into how Splitit has been performing lately.

All eyes will be on the Splitit share price on Friday when the company hosts its quarterly webinar.

Splitit share price snapshot

2021 hasn’t been a good year for the Splitit share price.

It is currently 69% lower than it was at the start of the year. It has also fallen 72% since this time last year.

The post Why is the Splitit (ASX:SPT) share price wobbling on Wednesday? appeared first on The Motley Fool Australia.

More reading

• The Splitit (ASX: SPT) share price slumped 8% today. Here’s why
• These were the best performing ASX BNPL shares in September
• Despite today’s falls, the Splitit share price is up 23% in 7 days. Here’s why

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in minerals explorer Nova Minerals Ltd (ASX: NVA) lifted in early trading today after the company announced a key update regarding its Estelle Gold project.

Shortly after exiting a company-requested trading halt from this morning, the Nova Minerals share price is now trading around 7% higher at 16 cents.

Here are the details.

What did Nova Minerals announce?

Nova advised of the “maiden inferred gold resource estimate of 1.5 million ounces for the RPM North Prospect” at its Estelle site northwest of Anchorage in Alaska.

The prospect is one of 15 additional known gold occurrences at the Estelle site and remains “open at depth and along strike with further upside at the RPM South”.

According to the update, the resource begins less than 2 metres from the surface and is less than half a percent of the entire project area.

Estimations were obtained from drill hole data. As it stands, the “much larger footprint RPM South Zone has yet to be drill tested”.

Nova is now mobilising several diamond drilling rigs to the RPM North prospect as early as possible in 2022. It plans to set up multiple rigs operating 24 hrs a day 7 days a week to beef up the maiden resource.

Speaking on the announcement, Nova Minerals CEO Christopher Gerteisen stated the discovery highlights the “massive upside potential” of the Estelle project.

He added:

Nova’s management, with much credit to our team on the ground, has taken Estelle Gold Project from discovery to a multi deposit Tier 1 scale 6.2 Moz gold district in a short timeframe and on relatively limited funding. Five drill rigs are currently focused on growing Korbel and RPM with more rigs to follow…I have no doubt we will be drilling and growing our total global resource inventory for many years to come. We now look forward to a Resource Upgrade for Korbel Main, incorporating the high-grade feeder zones, in Q4.

Aside from this update, Nova also advised that “aggressive infill and extension drilling is ongoing” at its Korbel Main site with the aim of increasing the 4.7 million ounce resource size to expedite feasibility studies.

The main resource update for Korbel Main “remains on track for update before EOY [end of year] 2021”. As well, there are assays for more than 10,000m of drilling still to interpret from this site.

It also advised that its “Snow Lake Resources (majority-owned lithium company) status [is] due shortly”.

Nova Minerals share price snapshot

The Nova Minerals share price has had a stagnant year to date, finding itself at the same level it was at on January 1. Things aren’t any better zooming out with a 3% dip into the red over the last 12 months.

Each of these returns have lagged the benchmark S&P/ASX 200 Index (ASX: XJO)’s return of around 21% in that time.

The post Nova Minerals (ASX:NVA) share price jumps 7% on maiden gold update appeared first on The Motley Fool Australia.

More reading

• Nova Minerals (ASX:NVA) share price rockets 52% on gold update
• Nova Minerals (ASX:NVA) share price tanks 18% on cap raise news

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Charger Metals NL (ASX: CHR) share price is surging today and is currently trading around 6% higher at 45 cents apiece.

Shares in the lithium and base metals explorer are gaining ground today after the company announced a key update.

Here’s what we know out of Charger’s camp today.

What was announced?

Charger advised it had obtained positive assay results from 3,034 soil samples taken from its Bynoe Project in the Northern Territory.

For reference, the Bynoe Lithium Project is Charger’s 70% owned venture with Lithium Australia NL (ASX: LIT) and “is surrounded” by Core Lithium Ltd (ASX: CXO)’s Finnis Lithium Project.

Located within the Bynoe Pegmatite Field, the project is around 70km long by some 15km wide and is part of the much larger Litchfield Pegmatite Belt.

Pegmatite is a ‘intrusive’ rock containing hard-rock lithium deposits and other traces such as gemstones.

In today’s release, the company advised that of the 637 assays received from sampling at the Bynoe site, it had analysed only 21% of sample results to date.

Yet, the first results already indicated “drill-ready targets at the centrally located Enterprise 1, Enterprise 2 and Bucks lithium trends”.

The company also noted that mapping confirmed 9 clusters of pegmatites “forming within three north-easterly trending lithium zones some 4 kilometres wide”.

Speaking on the announcement, Charger Metals managing director David Crook said:

Through mapping, Charger’s geologists located many outcropping pegmatites, however others will be found, and the pegmatite’s fertility indicated, through the use of geochemistry tailored for the discovery of lithium-caesium-tantalum (LCT) systems.

With the price of lithium setting new all-time highs again this week – it’s gained $1,977/tonne since 8 October – it appears investors are seeking a piece of the action through mining players such as Charger Metals.

What’s next for Charger Metals?

The company has yet to receive the remaining 79% of analysed assay samples to get the full scope of soil geochemistry results.

It has since started an aeromagnetic survey to trace the pegmatites better.

Charger will now prepare its primary targets identified above for drilling in early 2022.

Charger Metals share price snapshot

The Charger Metals share price has fallen 12.5% in the past month, but it still soaring 127% into the green since listing in July this year.

This is well ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s return over that time.

The post Here’s why the Charger Metals (ASX:CHR) share price is racing 6% higher appeared first on The Motley Fool Australia.

More reading

• Charger Metals (ASX:CHR) share price wobbles on project’s new targets
• ASX lithium shares lift as spot prices hit all-time highs

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Qantas Airways Limited (ASX: QAN) share price rose to $5.60 in morning trading as the federal government confirmed the latest change to international travel.

According to reporting by various media, including Seven West Media Ltd (ASX: SWM), Australian citizens will be able to travel overseas again on 1 November 2021.

However, this only relates to Australians who are doubled vaccinated, according to Prime Minister Scott Morrison. Whilst anyone can leave Australia without an exemption, at this stage only citizens, permanent residents and their immediate families can enter the country.

Seven reported that it was Australia’s high level of vaccination that gave the federal government the confidence to allow overseas travel again. Just over 87% of Australians over 16 have had their first dose.

Mr Morrison said:

Today I can tell you that Australia’s first dose vaccination rate is now higher than the United Kingdom, so well done Australia!

COVID-19 continues to affect global travel rules. A large amount of countries will need prospective travellers to be fully vaccinated and return a negative COVID-19 ‘pre-departure’ test before being allowed in.

How is Qantas looking to capitalise on this?

The airline has been busy making plans to get tickets available for purchase and preparing for various routes.

Last week, Qantas outlined how the Jetstar and Qantas businesses were gearing up for the accelerated border reopening.

It said that all Australian-based Qantas and Jetstar employees will be able to return to work in early December 2021. The company wasn’t expecting this to happen until June 2022.

Flights from Sydney to Singapore, Bangkok, Phuket, Johannesburg and Fiji are resuming ahead of schedule.

Qantas is planning to launch a new route from Sydney to Delhi on 6 December 2021 with three return flights per week with its A330 aircraft, building to daily flights by the end of the year. This is subject to discussions with Indian authorities.

The airline also plans to bring back two of its Airbus A380 aircraft earlier than planned and is in discussions with Boeing about accelerating the delivery of the three brand new 787 Dreamliners, which have been in storage for most of the pandemic.

The Qantas share price could also be taking into account the domestic update.

The airline business is preparing to ramp up capacity between Melbourne and Sydney as quarantine-free travel is set to resume between Australia’s two largest cities. Before COVID, The Sydney-Melbourne route was the second busiest route in the world. By Christmas, it’s expecting to operate up to 37 return flights per day.

CEO comments

The Qantas CEO Alan Joyce has recently said:

In recent weeks, sales on international flights to and from Sydney have outstripped sales on domestic flights, which shows how important certainty is to people when making travel plans.

While these flights will initially be for Australians and their families, we expect tourists from Singapore, South Africa and India to take advantage of these flights once borders reopen to international visits, which is great news for the industry.

Qantas also hopes that as vaccination rates increase in other states and territories, it will be able to restart international flights out of capital cities.

Broker rating on the Qantas share price

Ord Minnett is one of the most positive brokers on Qantas at the moment, with a price target of $6.50. It’s attracted to the ideas of it being a COVID recovery idea as well as benefiting from the recently-announced sale of land.

Based on the estimated earnings, Ord Minnett thinks Qantas shares are valued at under 10x FY23’s potential profit.

The post Qantas (ASX:QAN) share price climbs as overseas travel ban lifts appeared first on The Motley Fool Australia.

More reading

• I’m buying these 2 cheap ASX shares right now: expert
• Qantas (ASX:QAN) share price soars to 52-week high on international travel update
• ASX 200 (ASX:XJO) midday update: BHP and Rio Tinto fall, Qantas higher
• Qantas (ASX:QAN) share price on watch after ramping up international travel plans
• Qantas (ASX:QAN) share price on watch as New Zealand travel returns

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Impedimed Limited (ASX: IPD) share price has come out of a trading halt today to backtrack mid-afternoon. This comes after the medical technology company provided an update on its recent equity raise.

At the time of writing, Impedimed shares are swapping hands for 16.5 cents, down 2.94%.

Impedimed completes placement

One catalyst for today’s fall in the Impedimed share price could be investor concerns over an impending share dilution.

According to its release, Impedimed announced it has received firm commitments for its institutional placement to raise $35 million before costs. The company highlighted that it had strong support from existing and new institutional and sophisticated investors.

The offer will see approximately 229.5 million new ordinary shares issued at a price of 15.25 cents apiece. This represents a 10.3% discount to the last closing price of 17 cents on 22 October (before going into a trading halt).

Impedimed will use the proceeds to support an array of strategic initiatives to address growth. In particular, it will allocate the fund to:

• Product enhancement of the SOZO II digital health platform, including weight scales and improved electronics for renal and heart failure
• Data and software enhancements including corporate account development such as electronic health record integration and heart failure programs
• Development and commercialisation of renal failure application, including end stage renal disease clinical trial and US FDA clearance
• General working capital to achieve breakeven, including advance inventory purchases to assist in the transition to SOZO II

In addition, Impedimed will launch a non-underwritten share purchase plan (SPP) of $5 million which it will offer to eligible investors. The terms will be the same as the institutional placement.

The SPP closes on 11 November, with the issuance of the new shares set for 18 November.

Management commentary

Impedimed managing director and CEO, Richard Carreon, said:

We are very encouraged by the level of support investors have shown as we look to capitalise on the significant opportunity with the recently released PREVENT Trial results. Following the completion of the capital raising, we are now in a fully funded position to accelerate sales in Oncology, while still investing in our other key focus areas of Renal Failure and Heart Failure.

About the Impedimed share price

Despite today’s falls, Impedimed shares have gained around 90% in the past 12 months. However, the company’s share price is around 15% off its 52-week high of 19 cents reached on 19 October.

Based on valuation grounds, Impedimed presides a market capitalisation of around $247 million, with almost 1.5 billion shares outstanding.

The post Impedimed (ASX:IPD) share price dips following capital raising update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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