The ASX 200 (ASX: XJO) has fallen by 0.3% at midday.
In Victoria the lockdown continues and the state government has announced a $534 million support package for Victorian businesses. Locked down businesses will be able to apply for a $5,000 payment.
Afterpay (ASX: APT) continues to rise
The Afterpay share price is up more than 1% at the time writing, it went above $75 again earlier in trading.
The buy now, pay latter ASX share announced earlier this week it had successfully raised $650 million through the fully institutional placement.
Afterpay said it was strongly supported by existing and new shareholders at the placement price of $66.
Sezzle (ASX: SZL) launches a capital raising
The buy now, pay later business wants to raise a total of $86.3 million. There will be a fully underwritten institutional placement to raise $79.1 million followed by a non-underwritten share purchase plan to raise approximately $7.2 million.
The price will be determined by a bookbuild process with an underwritten floor price of $5 per CDI (share). The floor price is a 28.1% discount to the last closing price of $6.95 and a 10% discount to the 5-day average share price.
It will be used for a variety of purposes:
It will be spent on additional business development, marketing personnel and other marketing costs.
Sezzle will hire additional developers and software engineers for enhancements and development for the Sezzle platform.
The BNPL business is expanding into Canada and it’s also looking at other markets as well.
It will also be used to strengthen the balance sheet, pay for the capital raising costs and potentially pay for the costs of refinancing its debt.
PolyNovo’s (ASX: PNV) FY20 update
The company said that June 2020 was a new sales record month in the US. Over the past three months the company has opened seven new hospital accounts. In FY20 there has been a 67% increase in the hospital account in the US.
PolyNovo has achieved its first sale in the UK. There have been six operations in England and Scotland. Management are now expecting additional new term sales.
In the EU there have been “numerous” applications of BTM in Germany, Austria and Switzerland. Sales are growing as it expands in the region.
Management reaffirmed earlier guidance that product sales for FY20 are likely to at least double FY19’s total.
Sales for the June quarter were 33% higher than the March quarter.
Avita’s (ASX: AVH) June 2020 announcement
Avita said that in the fourth quarter of FY20, Avita saw US RECELL System sales of US$3.79 million, an increase of 0.2% from the FY20 quarter.
Total global net revenue for the fourth quarter was US$3.88 million. A decrease of 1.6% compared to the third quarter of FY20. However, in Australian dollar terms there was an increase of 2% to AU$6.08 million in the last quarter.
Procedural volumes fell by 4% compared to the last quarter. That shouldn’t be surprising given the COVID-19 pandemic.
At the end of June 2020 the company had cash of US$73.8 million, a decrease of almost US$6 million from the last quarter.