The Advanced Human Imaging Ltd (ASX: AHI) share price is sitting in the freezer on Thursday as the company readies itself to release word of a Nasdaq listing and capital raise.
The trading halt comes weeks after the body imaging technology developer declared it intends to list on the United States index.
The Advanced Human Imaging share price is currently frozen at $1.20.
Let’s take a closer look at today’s news of Advanced Human Imaging.
Why are the company’s shares halted?
Advanced Human Imaging’s shares are expected to be frozen until the company releases news on its potential Nasdaq listing or the ASX opens on Monday, whichever comes first.
As The Motley Fool Australia reported on 1 November, the company has received conditional approval to list its American depositary shares on the tech-heavy stock market.
In requesting its shares be frozen, Advanced Human Imaging stated it’s preparing to release details of its plan to raise capital by selling American depositary shares and simultaneously listing them on the Nasdaq index.
Each American depositary share will represent a certain number of the company’s ordinary shares.
Previously, the company suggested it will offer its American depositary shares for between US$7 and US$9 apiece. That’s based on the assumption they will each represent 9 ordinary shares.
Advanced Human Imaging previously stated it hoped to raise $15 million through the offering.
The raised cash will go towards research and development of the company’s products, business development, and marketing.
Any remaining funds will go towards general corporate expenses, including potentially investing in or acquiring synergistic companies.
Advanced Human Imaging share price snapshot
It hasn’t been a great year so far for the Advanced Human Imaging share price.
It is currently 6% lower than it was at the start of the year. However, it has gained 29% since this time last year and 5% in the last 30 days.
