• Harris Technology (HT8) has been placed in a trading halt pending a proposed capital raising
• The consumer goods company will remain in the halt until August 11 or when the announcement is made, whichever occurs first
• In its June quarterly report, Harris announced revenue totalling just over $6.5 million — a 295 per cent increase from the same time last year
• Additionally, Harris had $1,471,000 in reserves at the end of the quarter, representing more than 13 quarters of funding available
• At this point in time, it’s unclear what the funds from the capital raising will be used for
• Shares in Harris last traded for 11.5 cents on August 6

Harris Technology (HT8) has been placed in a trading halt pending a proposed capital raising.

The consumer goods company will remain in the halt until August 11 or when the announcement is made, whichever occurs first.

In mid-May, Harris announced that it had reported higher-than-expected Pro-Hygiene sales.

The Pro-Hygiene range includes hand sanitiser, face masks, and alcohol wipes – all of which has been in high demand during the COVID-19 pandemic.

Harris expected that this range would bring in around $400,000 in revenue for the June quarter, however, its June quarterly report indicated that revenue for Pro-Hygiene totalled $1.4 million.

Also in its quarterly report, Harris announced revenue for the fourth quarter totalled $6.594 million — a 295 per cent increase from the June 2019 quarter, and a 199 per cent increase from the March 2020 quarter. Its total unaudited FY20 profit is $1.089 million.

Additionally, Harris had $1,471,000 in reserves at the end of the quarter, representing more than 13 quarters of funding available.

At this point in time, it’s unclear what the funds from the capital raising will be used for.

Shares in Harris last traded for 11.5 cents on August 6.