- Vection Technologies (VR1) closed in the red this afternoon after releasing its latest quarterly financial report
- The company went cashflow-negative by around $700,000 for the quarter and had $2.3 million in the bank at the end of September
- However, the company raised $6 million through a share placement in early October, bolstering its cash position to around $8 million
- Including this fresh influx of cash, Vection said it has around $8 million in the bank, which it claims provides a “robust foundation” for growth
- On top of this, Vection signed a partnership with tech giant Dell Technologies in August
- Nevertheless, shares in VR1 couldn’t escape a tough day on the tech sector and closed almost 8 per cent lower at 12 cents each
