On October 24 2019 the Novita Healthcare Ltd (ASX: NHL) share price climbed 145 per cent in a single trading day after it announced its TaliDetect technology had been approved for commercial use in the U.S.
According to the announcement TaliDetect is an electronic screening platform that helps screen for potential attention deficits in children. On the back of the news the stock closed up 145% at 2.7 cents and nearly quadrupled again to close at 10.7 cents on November 6, 2019.
It has since fallen back to 6.9 cents.
For the quarter ending September 30 2019 it posted an operating cash loss of $757,000 on income of just $15,000.
It also had cash on hand of just $1.45 million with estimated cash outflows of $767,000 over the December quarter. So we can see why it’s asked for a trading halt today as it prepares to ask existing shareholders to tip more money into the business.
The post Why Novita Healthcare wants more cash appeared first on Motley Fool Australia.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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