Thred steady on ASX debut

Social media platform and app developer Thred has enjoyed a steady first day on the ASX, while two other Perth-based companies have made progress on their respective reverse takeovers.

About 14 months after announced plans to initiate a backdoor listing, Nedlands-based Promesa has successfully been rebranded as Thred and begun trading on the ASX, after raising $6.3 million from investors.

Thred owns its private access messaging app and sharing platform.

The company originally hoped to have completed the reverse takeover by June last year (about three months after the deal was announced) however it was stretched out, with the Australian Securities and Investments Commission raising concerns with its original prospectus.

But it satisfied Asic’s concerns and successfully raised the funds after issuing a replacement prospectus.

The raising was done at 5 cents a share.

Thred shares were trading at 4.9 cents each at 1pm.

“The bigger the social media space gets, the bigger Thred can get,” managing director David Whitaker said.

“Messaging is ubiquitous, yet still not unified with users having multiple choices as to how they communicated, and whilst this gives them access, it creates confusion and clutter.

“Thred unifies communications, contacts and context seamlessly into one simple and powerful place.”

Ian Middlemas-chaired Pacific Ore announced today that an interim stop order placed on its replacement prospectus by the corporate watchdog in May had been lifted, with the company set to proceed with a $2.2 million raising at 2.2 cents a share.

Pacific is planning to buy Seattle-based tech company Syntonic Wireless in a reverse takeover.

“The company lodged a supplementary prospectus with Asic yesterday which addresses all concerns raised by Asic in relation to the prospectus,” Pacific said in a statement.

“The supplementary prospectus was reviewed and approved by Asic prior to lodgement and the company will now accept new applications with an amended closing date of July 4.”

Meanwhile, Swiss firm BARD1 Life Sciences announced today that it would begin trading on the ASX on Monday, after completing its reverse takeover of Perth-based Eurogold.

The company raised $3 million from investors at 2 cents a share.

It follows news last week that Spectrum Rare Earths would no longer acquire BCAL Diagnostics through a reverse takeover, with the deal terminated ‘by mutual agreement’.