Bod Science has been suspended from the ASX, at its own request, amid a potential transaction “critical” to the future of the company.
The firm, which entered a trading halt last Thursday and updated its constitution yesterday, said the transaction was vital for its “continued financial viability”.
In its letter to the ASX requesting the suspension, Bod described the potential deal as an “alternative corporate transaction”.
It said it expects the voluntary suspension to last “no longer than three trading days”.
Earlier this month, Bod announced that it had raised A$2 million via a placement, including support from Malaysia-based Antah Healthcare Group, to expand and develop its product suite.
The first tranche of the placement – A$800,000 – has yet to settle, however, due to administrative hurdles in Asia.
Alongside news of the placement, Bod also outlined cost-cutting measures that saw its senior team take pay cuts in a move to preserve cash.
That came after the ASX again questioned the company over its ability to meet its financial obligations after Bod reported it had just $115,000 of available cash at the end of the first quarter of FY24.
The financial pressure was eased by the placement along with a $1.65m research and development tax incentive rebate for FY23.
