Opyl Ltd (ASX:OPL) has an equity raising announcement upcoming and has been granted a trading halt by the ASX.
In its application for the halt, the company said the proposed equity raising would be conducted by way of a share placement.
The trading halt will be in place until the beginning of regular trade on Monday, June 22, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 13 cents and since the close on March 23 have risen from 4 cents to a high of 15.5 cents at the close on June 4.
In May, the company signed two new contracts that are expected to increase revenue over the following three quarters.
Opyl also has several active additional proposals in the market as a result of an intensive business development campaign collaborating with huumun.
Chief executive officer Michelle Gallaher said the company remained on track for a cash flow neutral quarter or better, as additional contracts moved it towards cash flow positive operations
She said: “The rapid transition to focus on digital channels and data optimisation in healthcare as a result of COVID-19 is starting to positively impact the business as more and more companies realise the value that Opyl can bring to their programs, technologies and healthcare interests.
“Each day we get more companies coming to us to help them with their clinical trial recruitment or market insights.”