May 21, 2022

Delorean Corporation (ASX:DEL) suspends business operations – The Market Herald

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  • Bioenergy firm Delorean Corporation (DEL) suspends operations as it plans upcoming capital raise
  • It is not currently known how much the company plans to raise or where the funds will be spent.
  • The company’s shares will be suspended until March 31, or when further details of the increase are released to the market.
  • During the first half of FY22, the company recorded a 36% increase in revenue, from $12.9 million to $17.7 million, compared to the previous corresponding period.
  • Delorean last traded at 20 cents per share

Delorean Corporation (DEL) has halted its business operations as it plans an upcoming capital raise.

So far, the market does not know how much the company plans to raise or where the funds will be spent.

Under the halt, the company’s shares will be suspended until March 31, or when further details of the increase are released to the market.

Delorean is an Australia-based bioenergy company specializing in the design, construction, ownership and management of bioenergy infrastructure and associated power generation and retail. It is listed on the ASX in April 2021.

For the first half of FY22, the company recorded a 36% increase in revenue, from $12.9 million to $17.7 million, compared to the previous corresponding period.

During the first half of the year, the company achieved a number of milestones and victories, including awarding its engineering division preferred bidder status for the Yarra Valley Water facility.

Cash and cash equivalents at the end of the period were just over $4 million.

Heading into the new year, Delorean said a number of projects will be developed, funded and approved, some of which include the commissioning of the BLM Bioenergy project, and the New Zealand-based Ecogas project due for completion in November 2022. .

Additionally, a final investment decision is expected for its Delorean-owned project in South Australia in the next quarter of June.

Delorean last traded at 20 cents per share.