AirXpanders’ Securities Put on Trading Halt

  • Mar 29, 2019 AEDT
  • Team Kalkine
AirXpanders’ Securities Put on Trading Halt

AirXpanders Inc. (ASX: AXP) designs, manufactures and distributes patient controlled tissue expander products. The Company offers needle-free design, patient-controlled daily expansion, anatomically shaped, and other products.

The company, today on 29 March 2019, has updated that its securities will be placed in trading halt under Listing Rule 17.2 & are expected to remain in a trading halt until the earlier of the commencement of regular trading on Tuesday, 2 April 2019 or when the announcement is provided to the market regarding a notification to its lender of the anticipated breach of certain financial covenants in its debt agreement. The company is seeking the trading halt to assist in managing its disclosure obligations and maintaining an orderly market in the trading of the Company’s CDOs.

As per the ASX Listing Rules, the Company is not aware of any reason why a trading halt should not be granted, nor any other information necessary to inform the market about the suspension from trading.

Through its preliminary final report, the company has said that the Annual Meeting of Stockholders of the Company will be held at Johnson Winter & Slattery’s Melbourne office, at Level 34, 55 Collins Street, Melbourne, Victoria, Australia, on Tuesday, 21 May 2018 at 9.00am Australian Eastern Standard Time (Monday, 20 May 2018 at 4.00pm U.S. Pacific Standard Time).

For the year ended 31 December 2018, the revenue from ordinary activities came in at US$7,817, witnessing a growth of 100% on YoY basis. The Loss after tax from ordinary activities attributable to members was registered at (US$26,721) down 8% on the pcp. The Net tangible asset per share of Class A was US$0.02 as on 31 Dec 2018 vis-à-vis US$0.17 recorded for the period ended 31 Dec 2017. The Net tangible asset per CDI is assuming all Shares held as CDIs was US$0.008 vs US$0.06 for the pcp. Total operating expenses decreased to US$19.7 million from US$23.1 million for the previous corresponding period, reflecting reduced spending on research and development and general and administrative expenses, partially offset by increased spending on selling expenses as the Company expanded its commercial launch in the United States.

The Company carried a cash balance of US$9.4 million as at 31 December 2018. The Company operated in one segment only during the period, and there were no returns to shareholders or announced share buybacks.

In the segment named “Risks Related to Our Business” contained in the form 10-K, the company has stated that the company will need additional funding and may be unable to raise capital when needed, which could force the company to delay, reduce, or eliminate planned activities or may result in its inability to operate as a going concern.

On the price-performance front, the stock has posted returns of -68.18% over the past six months. AXP’s shares last traded at a price of A$ 0.035 with the market capitiization of around $19.55 Mn. It had a 52-week high price of $ 0.399, with an average volume of, 973,432 approximately.


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