Streaming firm Guvera’s much-discussed IPO was recently blocked by the Australian Securities Exchange (ASX). Now the company is mulling its next moves, including seeking more money from its shareholders.
The Sydney Morning Herald reported on a private placement memorandum issued by the company yesterday morning thus: “The document outlines future steps to grow the company including: cutting cash burn from $6 million per month to $2.6 million including creditor repayments; replacing chief executive Damian Herft; expanding the board from five members; increasing advertisers from 20 brands to 200 brands to get revenue up to $2 million per month; look at Asia and US stock exchanges for listing; licensing patents and enforcing them; and raising another $20 million from investors by October.” This came as two of Guvera’s subsidiaries, Guvera Australia and Guv Services, laid off 60 employees and sought a plan to pay $15m owed to creditors.
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