Cipherpoint Ltd (ASX:CPT) has extended the closing date of its share purchase plan (SPP) to Friday, June 26, while company securities have been as much as 54% higher today.
The extension will provide Cipherpoint with the opportunity to progress the various sales and corporate opportunities described in its most recent quarterly activities report.
Cipherpoint will endeavour to provide shareholders with updates in respect of those opportunities prior to the revised closing date.
The SPP extension will also allow shareholders to review the annual accounts for the year ending March 31, which the company anticipates lodging this week.
Raising up to $500,000
In April the board decided to conduct a SPP to raise up to $500,000 under which shareholders each will be entitled to subscribe for up to $30,000 of shares at a price of 1.3 cents per share.
The decision of the board was made after assessing the alternatives in the context of coronavirus Economic Response Package Omnibus Act 2020, concessions made by the ASX on capital raisings during the COVID-19 crisis and also reviewing comparable market discounts.
Cipherpoint is a provider of software solutions that enable continuous identification, classification and secure management of unstructured data across enterprise and the cloud and consolidates control into one place for companies to securely manage their data to be compliant, reduce risk, reduce costs and improve productivity.
After closing at 1.3 cents yesterday, today shares have traded in the range of 1.5 to 2 cents.