World News – AU – Funtastic (ASX: FUN) share price climbs 200% after suspension

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Motley Fool Australia »Stock gainers» Funtastic (ASX: FUN) share price climbs 200% after suspension

Chris Chitty | October 26, 2020 3:00 p.m. | Find out more: FUN

The Funtastic Limited (ASX: FUN) share price rose 20,769% this morning, hitting 20 cents before falling back to 14 cents at the time of writing This came after the company’s stock was lifted after a suspension that began on October 5, 2020

On October 23, Funtastic announced that it would undertake the acquisition of Australian e-commerce websites Toys « R » Us, Babies « R » Us, Hobby Warehouse and Mittoni The company also announced that it would proceed with a recapitalization through a fully subscribed placement and a debt-for-equity swap

This morning the company announced that it has successfully completed a placement worth $ 29 million Funtastic will issue 2,589 million shares at an issue price of 112 cents According to the company, the placement was well supported by existing shareholders and new investors The company’s main shareholder, Jaszac Investments Pty Ltd, has also pledged to convert $ 6 million of debt to equity, also at an issue price of 112 cents

The proposed acquisition, placement and debt for an equity swap are subject to shareholder approval, which will be requested at the company’s annual general meeting on November 23, 2020

The issue price of 112 cents represented a 72% premium over the company’s last trading price of 65 cents on September 30

According to Funtastic, the capital raised through the company’s placement will finance the group’s growth, develop logistics, warehousing and automation capabilities, marketing and brand development, debt repayment and the development of electronic commerce technology and associated intellectual property

With a strengthened balance sheet, Funtastic is well positioned to take advantage of the structural shift towards e-commerce for toys and hobbies while continuing to support and develop our ongoing wholesale agreements with our distribution and marketing partners. retail

Funtastic is a wholesaler and distributor of consumer products, which includes its own products and the products of its partners Funtastic has been listed on ASX since 2000

Funtastic stock price is up 3,400% from its 52-week low at 04 cents, and up 600% year-to-date The Funtastic stock price is up 36667% since this period last year

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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned The Motley Fool Australia has no position in any of the stocks mentioned We fools might not be all the same opinions, but we all believe that considering a wide range of information makes us better investors The Motley Fool has a disclosure policy This article contains general investment advice only (under AFSL 400691) Authorized by Scott Phillips

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ASX, ASX: FUN

News from around the world – AU – Funtastic (ASX: FUN) share price soars 200% after suspension


SOURCE: https://www.w24news.com

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