The heavily shorted weapons maker and space laser company Electro Optic Systems has halted trade in its shares before a pending downgrade to earnings.
EOS told the market on Monday morning it would suspend its shares until the start of trade on Wednesday, at the latest, pending announcements related to “a downgrade in earnings guidance”, and an “update in relation to an expected significant contract payment” and a fundraising for its satellite communication division SpaceLink.
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Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
