Perth-based Fastbrick Robotics has gone into a trading halt as it prepares an announcement on an equity raising.
The maker of the one-armed robot bricklayer says it’s in the process of finalising a placement.
“We are expecting to announce the completion of the capital raising before trading commences on Tuesday 4 July 2017,” the company told the ASX.
Fastbrick listed on the ASX in November 2015 in a reverse takeover of DMY Capital. An oversubscribed IPO raised $5.75 million at 2 cents a share.
The shares last traded at 10.5 cents.
Currently the company is building a commercial version of its robot brickaying machine, Hadrian X, which will cost about $2 million when it goes into full production in 2019.
The Hadrian X requires minimal human interaction and works day and night, laying up to 1,000 bricks an hour — about the output of two human bricklayers for a day.
The prototype Hadrian 105 robot, the first of its kind, can be seen in action below: