K2fly in trading halt with capital raising announcement upcoming

K2fly Ltd (ASX:K2F) has been granted a trading halt by ASX with an announcement pending in regard to a capital raising placement. The trading halt will remain in place until the beginning of regular trade on Tuesday, April 20, or when an announcement is released to the market, whichever occurs earliest. K2fly’s shares last traded at 32.5 cents after reaching 43 cents in February, a new high of almost 10 years. Record quarterly invoicing The company experienced a record invoicing quarter with A$2.06 million in invoices raised in the March quarter, a 28% increase on the A$1.61 million of the corresponding quarter of FY20. Also adding to the company’s sound financial footing was Annual Recurring Revenue (ARR), which was up 26% to A$2.9 million, while Total Contract Value was 56% higher at A$9.13 million. At the end of the March quarter, the company was debt-free and had cash available of A$1.52 million along with A$1.58 million in receivables. Normal economic activity The company stated: “We are pleased to see that in Q3 FY21 K2fly returned to more normal contract signing cadence with four new software subscription contracts signed in the quarter, increasing invoicing (28%), ARR (26%) and TCV (56%) substantially.”