i think you mentioned this before .do we need more money !! what is your spin on this .i provided details below from the company reports .. yet don't understand why we need to raise more money ... . . At the completion of Q3 FY24, Novatti held nearly $9.5m in cash. Investments and Business Portfolio Update The International Bank of Australia (IBoA) Series A capital raising continues, with additional significant subscriptions currently under final negotiation. If additional funds are not received imminently IBoA will request to return the Restricted License to the Australian Prudential Regulation Authority (APRA). Novatti will not be participating in additional capital raisings for IBoA. AUDD progressed with its commercial strategy to build out its capabilities through partnership and blockchain integrations. AUDD is now self-funded through FY24 following its recent $600k funding round, with Novatti retaining an 80% interest. Through Q3 FY24, circulating supply of AUDD reached a new high of $3.2m and ended the quarter at $1.8m. New partners secured by AUDD during Q3 FY24 include popular onboarding gateway Banxa which enables AUDD to be used widely recognised and trusted payment methods like Visa and Mastercard. AUDD can now also be purchased with major currencies such as USD, EURO, HKD, and SGD. This caters for a global user base, allowing more people around the world to access and utilise AUDD in their preferred currency. Capital Raising In Q3 FY24, Novatti announced a capital raising comprised of a convertible note facility for up to $3.5m (subject to shareholder approvals) and a Share Purchase Plan to support Novatti’s business, fund additional collateral for growing Novatti’s Payments Solutions division and working capital. A total of $4.3 million (before costs) was successfully raised from this initiative.
NOV Price at posting:
7.4¢ Sentiment: Buy Disclosure: Held
