Previously writing on company describing itself as “a fire safety technology business with innovative fire extinguishing fluids and fire safety products” LifeSafe Holdings (LIFS), in June with the shares up to 41p I wrote “sales growth has continued to exceed the board's expectations”… but how impressive is it? – concluding I remained cautious on the financials position. The shares most recently closed at 40.5p and today equity raise news.

Previously writing on ‘novel’ affinity binders development group Aptamer (APTA) last week, I concluded ‘the shares have currently responded… to 4.5p, a £3.1 million market cap and still 20% higher on the day. However, with the noted financial desperation and cash burn, I suggest the group is not in a strong negotiating position and is in a very challenged financing market. As such, still currently avoid/sell’. Today it states that it “is pleased to announce that it has conditionally raised £3.6 million (before expenses), including approximately £0.3 million from existing directors, proposed directors and PDMRs, by way of a placing and subscription… for working capital purposes”. Good news then? Er…

Previously writing on company describing itself as “a leading mathematical modelling company” in drug development and personalised medicine Physiomics (PYC), at the end of last month I noted a “Collaboration with The University of Sheffield” announcement helping the shares up from 2.15p to 2.30p. I though also noted that it doesn’t seem financially significant but that currently financially significant looks to be what’s needed here and still avoid/sell. Now, quelle surprise, “Equity Fundraise” announcements.

Previously writing on antibody contract research organisation Fusion Antibodies (FAB), in March with the shares down towards 30p I concluded on a “trading statement” from the company that ‘by the time the auditors have to sign off FY numbers it is not a matter of whether there is a material uncertainty but whether, at that point, Fusion is insolvent. With the market cap now heading towards £8 million, the shares are still a slam dunk sell’. Now the company “announces that it has conditionally raised c. £1.56 million (before expenses)”… and at what price?

Previously writing on company describing itself as “a world leader in the design and manufacture of thin, flat supercapacitors and energy management systems” CAP-XX (CPX), in February with the shares down to 2.6p I noted cash burn concerns and to avoid/sell. Now the company states that it is “pleased to announce” an equity raise, and what of a current 1.4p share price?

Previously writing on printed circuit technology products company Trackwise Designs (TWD) as the shares more than doubled to above 17p and a £6.5 million market cap I concluded that ‘I retain concern on the additional funding options in the current admitted massively challenging macro business environment. As such, I currently continue to avoid’. The company though today commences an announcement with that it “is pleased to announce a proposed conditional placing to raise gross proceeds of £3.65 million”. Admittedly, the shares last closed at 12.65p…but at least a ‘pleasing’ price in relation to that then?

Provider of specialist products using printed circuit technology Trackwise Designs (TWD) “is pleased to announce that it has conditionally raised gross proceeds of £6.0 million… Oversubscribed… This fundraise will enable the delivery of a step change in our IHT commercial proposition”. An oversubscribed growth fundraise… so a good price then relative to a last closing 145p share price?…

Just over a week ago Ethernity Networks (ENET), describing itself as “a leading supplier of data processing offload solutions on programmable FPGA (field programmable gate array) hardware for accelerating telco/cloud networks”, was “pleased to report” that its ‘UEP-20’ product “passed the field trials, with bonding successfully performed on a variety of products from multiple vendors, indicating the ability of the solution’s interoperability and flexibility”. The announcement was though an RNS Reach i.e. “non-regulatory”, and I’ve stated the question to ask on such announcements to be ‘Is there a financial reason for such an announcement to now be made?’. Today a placing and subscription…