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SenSen Networks in trading halt with equity raising news pending

Last month the company acquired the business and business assets of Snap Network Surveillance, a world leader in AI-powered multi-camera tracking software, which furthers SenSen’s ambition to grow in the US market.

SenSen Networks Ltd - SenSen Networks in trading halt with equity raising news pending

SenSen Networks Ltd (ASX:SNS) (OTCMKTS:SNNSF) has been granted a trading halt by the ASX as it seeks to finalise the terms of a proposed equity raising by way of share placement.

The halt will remain in place until the beginning of ASX trading on Wednesday, January 6, 2021, or when an announcement is released to the market, whichever occurs earlier.

SenSen last traded on December 31 at 17.5 cents after hitting 18 cents on that day, a new two-year high, and the company’s market cap is approximately $80.7 million.

Snap Network Surveillance acquired

In November last year, the company acquired the business and business assets of Snap Network Surveillance, a world leader in AI-powered multi-camera tracking software, for consideration of A$1 million.

This acquisition furthers SenSen’s ambition to grow in the US, following the City of Las Vegas contract win in 2020 and other US customers engaged in POCs, as well as SenSen being admitted to the OTCQB market, headquartered in the US.

By combining Snap’s AI-powered multi-camera networked tracking technology with SenSen’s automated multi-object tracking technology within individual camera views, SenSen plans to release a ground-breaking new product - SenTRACK- which will have the revolutionary new capability to automatically detect and track people throughout a large-scale video surveillance network.

This is expected to deliver significant new business insights to SenSen’s current and prospective customers.

SenTRACK will also deliver high accuracy people occupancy metrics within buildings, which is a key work-place health and safety requirement for all businesses in the post-COVID-19 world, simply by tapping into the existing CCTV networks.

Quick facts: SenSen Networks Ltd

Price: 0.22 AUD

ASX:SNS
Market: ASX
Market Cap: $113.99 m
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