Infant formula maker Bubs Australia’s shares have been placed in a trading halt pending its announcement of a proposed acquisition and capital raising.
It did not give further details.
Shares in Bubs have gained 75 per cent this calendar year as the company has invested heavily in efforts to expand into China. It last month reported its first-half loss had more than doubled to $8.8 million.
Its shares surged in February when it entered into a long-term supply agreement with Bega Cheese subsidiary Tatura, and again this month on a marketing and distribution partnership with Chinese dairy producer Beingmate.
Bubs shares were worth 80.5 cents when they were placed in a halt that could last until Tuesday.