Snakk Media mulls ASX listing
NZAX-listed mobile advertising company Snakk Media has engaged Australian corporate adviser Hall Capital to assist with a possible capital-raising and future listing on the Australian stock exchange.
Snakk has also reported a 67 per cent increase in first-quarter revenues to $2 million.
Chief executive Mark Ryan said revenues would have been up 95 per cent were it not for adverse exchange rate movements.
"Snakk is now in a position to closely consider the next steps we must take to expand successfully into Asia," he said.
"That could involve listing on the ASX, raising more capital, acquiring companies or continuing to grow fast organically.
"The appointment of Hall represents the beginning of our next phase of significant growth."
Snakk said in May that it planned to launch a service that would let businesses in Australia and New Zealand flash up advertisements or "special offers" to smartphone owners when they approached their stores or those of their competitors.
Businesses will be able to define rectangles on a map, which might be blocks around their stores or around suburbs, and then push out advertisements through thousands of popular smartphone apps when smartphone users entered those zones.
Snakk shares closed at 7.7 cents on the NZAX yesterday, valuing the firm at $20.4m.
Its shares have dropped from an annual high of 16.3c in November.