Freelancer has entered a trading halt as the crowd-sourcing marketplace considers a potential capital raise.
The company will remain on hold until an announcement is made on the capital raising which is expected before the start of trade on Wednesday.
Freelancer shares have been going nuts recently up from just over $1 at the end of the financial year to almost $1.50 before the trading halt.
Here’s the chart.
Freelancer posted record net revenue of $16.8 million, up 41%, and hit positive cash for the six months to June. The net loss for the six months was $1.263 million compared to $729,000 for the same period last year. However, the company had positive cash flow of $1.1 million over the six months.
The marketplace now has 16 million users and 8 million projects on its system.