Appen (ASX:#APX) has successfully returned to profitability, reporting positive underlying EBITDA and cash flow in Q3 FY24.
To leverage the growing potential in generative AI, the company announced a $50 million capital raise through an institutional placement and an additional $5 million via a Share Purchase Plan.
To facilitate this, Appen temporarily halted trading of its shares.
The funds are aimed at boosting the company’s growth in the AI space and enhancing its financial position for future initiatives.
This strategic move is expected to stabilize Appen and position it for continued success in the fast-evolving AI market.
