Touchdown delayed for Parazero as ASX awaits details from drone parachute-maker
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Drone parachute maker Parazero has been forced to delay its ASX debut at the last minute while it provides extra pre-listing details to the stockmarket.
Parazero (ASX:PRZ) was slated to list at 12pm yesterday having raised $5 million in an initial public offer.
Parazero is an Israeli tech startup. Its marquee product is SafeAir, a system designed to stop crashing drones from hitting people in the head by switching off systems and deploying a parachute if a drone’s vital signs look shaky.
On Monday, the ASX confirmed the business had been added to the official list last Thursday — but said it would not commence trading on the exchange at lunchtime as planned.
“Participants are advised that the company will be placed into ENQUIRE session state on the trading platform immediately,” the ASX said in a statement. The company is now expected to kick off trade at 1pm Friday.
The company told investors it was updating the ASX on the “progress with the company’s engagements with government” as well as “developments relating to the sales and promotion of the company’s products”.
Speaking to Stockhead, Parazero non-executive director Anton Uvarov said the company had already been preparing market updates including further information on its operation and would be providing further information to the ASX shortly, making the company ready to trade from 1:00pm on Friday.
Parazero plans to provide details before the market opens on Friday, making it ready to trade from 1pm that day.
At the end of December 2017, Parazero had $US54,000 cash in the bank.
Its total current liabilities sat at $US635,000, according to its 2017 annual report, with an additional $3.3 million non-current liabilities.
The company generated $US540,000 in customer revenue in 2017 and posted an operating loss of $2.5 million.