Harris Technology eyes new funding to bolster demand surge

Harris Technology eyes new funding to bolster demand surge


Garrison Huang (Harris Technology)

Garrison Huang (Harris Technology)

Credit: IDG

Online IT equipment retailer Harris Technology is moving to embark on a major capital raising effort to boost its inventory as it works to meet surging demand amid COVID-19. 

The publicly listed retailer has completed a private placement of 43.9 million additional shares at an issue price of 8 cents per share to raise roughly $3.5 million. 

The company is raising additional capital to fund a sustained increase in its inventory to meet the increased demand for its products and to reduce debt.

The demand surge can be seen in the company’s financials for the half year to 30 June 2020, with unaudited revenue up to $9.9 million, compared to the previous half year period ended 31 December 2019, with revenue at $4.1 million. 

In late July, Harris revealed its fourth quarter and full year results, with unaudited revenue for the 2020 financial year to the end of June standing at $14.1 million and unaudited profit of nearly $1.1 million. 

According to Harris, the increase in revenue is expected to be sustained for the foreseeable future in both the traditional electronics division as well as its new pro-hygiene division, which was established in the second half of the year ended 30 June 2020. 

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