The Dubber Corporation Ltd (ASX: DUB) share price won't be going anywhere on Monday after the company requested a trading halt.
Dubber provides cloud-based call recording and voice data solutions. The company's technology is used by many large household service providers such as AT&T, Optus and Telstra Corporation Ltd (ASX: TLS).
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What's the trading halt for?
The Dubber share price is halted on the basis of an institutional placement capital raising.
The company is looking to raise approximately $110 million at $2.95 per new share.
This represents a 7.8% discount to its last closing price of $3.20.
The trading halt is expected to last until Tuesday, 27 July 2021.
According to the capital raising presentation, the company plans to use the proceeds for M&A opportunities to broaden and accelerate new product development, increase headcount, establish new foundation partners and marketing.
June quarter results
Coinciding with the trading halt announcement, Dubber also released its June quarterly activities report.
Unfortunately, the Dubber share price won't be able to react to today's solid results.
Dubber delivered quarterly revenues of $7.4 million, a 189% increase on the prior corresponding period (pcp) and up 12% quarter-on-quarter (QoQ).
Dubber users now exceed 420,000, a 118% increase on pcp and 10.5% increase QoQ.
The company said that user numbers grew at a record rate for Dubber's SaaS monthly subscriptions, underpinned by the launch of its Foundation Partner Program.
The program will embed Dubber's services a standard feature for its partners.
According to the quarterly, Cisco's Webex Calling and UCM Cloud platforms have joined as the first partners.
In terms of the company's balance sheet, Dubber advised that it had in excess of $32 million cash at bank.
A stellar year for the Dubber share price
Dubber shares briefly opened 5.61% higher last Friday, to a record high of $3.39 before a weak close, down 0.31% to $3.20.
A major catalyst behind Dubber's 92% year-to-date performance was its record March quarter update.
The announcement saw an 18.60% surge in Dubber shares on the day to $2.55.
