Streaming service Quickflix raises $775,000 for ‘working capital’ in latest investment round
Quickflix has raised $775,000 from “professional and sophisticated” but unspecified investors as it looks to bolster its cash position following its latest capital raising.
The troubled video streaming company put its shares in a trading halt earlier this week as it sought a much needed capital injection from the market.
In a statement the company said the funds would be used for working capital and for the “continued development of the company’s streaming service and working capital”. Last week it announced it was dumping much of its own streaming operation, instead becoming a reseller of rival service Presto’s content,
News of the company’s cash injection comes just a month after its accounts showed it is losing around $850,000 a quarter, with just $1.26m in cash on hand.
There’s nothing “professional and sophisticated” about throwing good money after bad.
Go Quickflix. Don’t write them off yet. This company is survivor. Sorry for all the people that keep writing it off..
2 wrongs dont make a right…there goes a perfectly good $775,000 down the drain
what kind of clown would invest in this?
One that if they bought $10k in stock yesterday would be able to sell at $15k today. That kind of clown.
Expensive Coffin
throwing good money after bad rarely results in a good outcome