Bod Science has voluntarily entered a suspension from ASX trading as it pursues a potential transaction it has described as "critical" to the company's outlook.
The company, which entered a trading halt last Thursday and updated its constitution the following day, said the deal was necessary for its "continued financial viability".
In its formal letter to the ASX requesting the suspension, Bod referred to the potential deal as an "alternative corporate transaction".
The company said it expects the voluntary suspension to last "no longer than three trading days".
Earlier this month, Bod announced it had secured A$2 million through a placement — with backing from Malaysia-based Antah Healthcare Group — to grow and develop its product range.
The first tranche of that placement, worth A$800,000, has not yet settled due to administrative delays in Asia.
At the same time as the placement announcement, Bod outlined a series of cost-cutting measures in which senior staff accepted pay reductions to help the company conserve cash.
Those measures followed the ASX again questioning the company about its capacity to meet financial obligations, after Bod disclosed it had only $115,000 in available cash at the close of the first quarter of FY24.
Some of that financial pressure was relieved by the placement and a $1.65m research and development tax incentive rebate for FY23.
