Insights

Why is the SelfWealth (ASX:SWF) share price frozen today?

The ASX-listed online broker is looking to raise up to $12m in capital. Here are the details
The post Why is the SelfWealth (ASX:SWF) share price frozen today? appeared first on The Motley Fool Australia. –

The SelfWealth Ltd (ASX: SWF) share price won’t be going anywhere today after the company requested a trading halt.

SelfWealth shares will be halted after the company said it was finalising arrangements for a potential capital raise.

The online broker anticipates the halt will end by Monday, 19 July.

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

Om 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.

The post Why is the SelfWealth (ASX:SWF) share price frozen today? appeared first on The Motley Fool Australia.

Should you invest $1,000 in SelfWealth right now?

Before you consider SelfWealth, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and SelfWealth wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

SelfWealth (ASX:SWF) share price dives 11% after fourth quarter results

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!