Shares in startup technology stock GetSwift Ltd (ASX: GSW) are locked in a trading halt today as the business works on a "proposed capital raising" with investors expected to receive more details by December 11 at the latest.
The Australian Financial Review is reporting that GetSwift is seeking to raise $100 million at $4 per share after the stock rocketed 1,233% over the past year on the back of a series of announcements by the company boasting of its blue-chip client list.
Recently, GetSwift informed the market that it has signed deals with Yum Brands! and online delivery giant Amazon Inc. although declined to provide any details as to potential revenues that could be generated by the deals.
GetSwift reports that it's a software-as-a-service business in the "last mile" delivery space and that its technology can help online delivery companies save time and money via its technology support. Given the widely divergent views on the business and its potential the stock is likely to remain volatile over the 6 months ahead.
