The SelfWealth Ltd (ASX: SWF) share price won't be going anywhere today after the company requested a trading halt.
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What did SelfWealth announce?
According to the release, SelfWealth will look to raise up to approximately $10 million at an issue price of 39 cents per new share.
Additionally, the company will offer a share purchase plan to eligible existing shareholders to raise a further $2 million.
The proceeds will be used for accelerating investment in its growth strategy to drive new revenue streams and increase market share.
The company highlighted initiatives including "broadening the product offering to include cryptocurrency, investing in the user experience and high-demand features (including instant payments), pursuing a more aggressive marketing strategy, implementing a robust data and analytics strategy and additional headcount to support mobilisation".
SelfWealth reveals technology and product roadmap
On Monday, the SelfWealth share price took an 11.96% tumble to 40.5 cents after the release of its fourth-quarter results.
However, the company did reveal a number of upcoming product and technology plans.
In the June quarter, SelfWealth introduced a feature which allows members to invest on behalf of those under 18. The launch of minors' accounts during the quarter has been "very positive". The company observed "members typically (invest) in long-term investment choices such as ETFs".
The company said it was negotiating with several cryptocurrency exchanges to add that investment option to the platform.
SelfWealth plans to be the "first investment platform to offer CHESS-sponsored share trading on the ASX, US trading and cryptocurrency access to Australian investors".
Additionally, the company said it was on track to roll out a new cryptocurrency product in Q2 FY22.
SelfWealth successfully launched its US trading functionality in December 2020. The company's fourth-quarter results said the "number of active traders trading US equities continues to grow, evidenced by a penetration rate of 29% in the existing customer base".
Furthermore, SelfWealth has plans to introduce additional international markets, including Hong Kong, in Q2 FY22.
About the SelfWealth share price
SelfWealth was a top performing stock in 2020, rallying 232% from 17 cents to 56.5 cents.
The SelfWealth share price has struggled to keep the momentum going in 2021, tumbling 21.8% year-to-date to 43 cents.
