Magnis Energy (ASX:MNS) share price remains in trading halt

The lithium-ion battery cell producer has been in a trading halt since Tuesday.

| More on:
An ASX share investor holds his hand out in a stop sign

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Investors in Magnis Energy Technologies Ltd (ASX: MNS) will be wondering why the company's share price remains frozen.

Shares in the lithium-ion battery producer have been in a trading halt since Tuesday.

Earlier today, Magnis provided an update on the status of its securities.

Let's take a look at what the company had to say.

Magnis Energy share price enters voluntary suspension

In a market announcement released earlier today, Magnis provided an update on the status of the company's shares.

According to the update, Magnis has requested a voluntary suspension be granted for securities in the company.

The announcement cited that a voluntary suspension has been requested as a result of Magnis not being able to finalise the outcome of its proposed capital raise.

Magnis also provided shareholders on the length of its voluntary suspension.

Shares in the company will remain suspended until Friday, 30 July 2021 or when the company makes an announcement regarding its proposed capital raise.

Recap of Magnis Energy trading halt

As noted previously, shares in Magnis were placed in a trading halt earlier this week.

The company's securities were slated to recommence trading today.

Magnis did not provide further information on how much the company was looking to raise or where funds would be directed.

More on Magnis Energy

Magnis is an Australia-based producer of lithium-ion battery cells. The company has three core areas of operations: battery technologies, gigafactories and graphite.

The company has a partnership interest in Charge CCCV, a US intellectual property company with patented discoveries in lithium-ion batteries.

Most recently, Magnis produced its first full-sized lithium-ion battery at its New York plant. The company highlighted the battery cells were produced with commercial grade components from a fully defined supply chain.

If the proposed capital raise goes ahead, it will be the second time this year that Magnis has raised equity.

Earlier this year, the company raised $34 million via a share placement. Funds from the equity raise were used to fast-track the development of the company's New York plant.

Shares in the lithium-ion battery manufacturer closed at 27 cents before entering a trading halt on Tuesday.

Overall, the Magnis share price has soared more than 40% since the start of the year.  

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A happy construction worker or miner holds a fistfull of Australian money, indicating a dividends windfall
Share Market News

These ASX 200 mining stocks could rise 30% to 60%

Big returns could be on offer with these miners according to analysts.

Read more »

Scared, wide-eyed man in pink t-shirt with hands covering mouth
Share Market News

These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Broker Notes

This ASX 200 stock's 'compelling valuation' makes it a strong buy

Goldman Sachs thinks a 50% return could be on the cards for investors.

Read more »

A man looking at his laptop and thinking.
Share Market News

5 things to watch on the ASX 200 on Monday

Will Aussie investors have a good start to the week? Let's find out.

Read more »

A miner stands in front oh an excavator at a mine site
Opinions

3 reasons ASX uranium stocks can keep charging higher into 2025

I think the recent sell-down in ASX uranium stocks has been overdone. Here’s why.

Read more »

Red buy button on an apple keyboard with a finger on it representing asx tech shares to buy today
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A businessman sits on a chair looking at a pile of chairs stacked up to the ceiling of a white empty room.
Share Market News

Here's how the ASX 200 market sectors stacked up last week

Consumer discretionary shares led the ASX 200 market sectors last week with a 0.36% gain.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Opinions

3 reasons to be positive on ASX 200 shares in FY25 (and 3 to be wary)

Vinay Ranjan from Airlie Funds Management says we should ignore market noise and buy quality stocks.

Read more »