HITIQ LTD (ASX:HIQ) Reports Strategic Partnership and Funding Boost
Strategic Partnership Extension
HITIQ Limited (ASX: HIQ) has successfully extended its partnership with the Premier League for an additional 18 months. The revised agreement includes a 60% increase in annual contract value, reaffirming HITIQ’s status as a key technology provider in elite sports. The renewal illustrates HITIQ’s commitment to player safety with its CSX Concussion Assessment Technology, utilised across all 20 Premier League teams and their academies.
Leadership Strengthening
In a move to bolster its marketing strategy, HITIQ appointed Chris Davis as Chief Marketing Officer. With extensive experience in digital marketing, Mr. Davis aims to enhance customer engagement and market reach. His focus will be on positioning HITIQ as a leader in concussion management and revolutionising the global approach to athlete welfare.
Funding Acquisition
HITIQ secured an additional $3 million funding through an extension of its Convertible Note facility with major shareholder Harmil Angel Investments. The new funding, increasing the total facility to $4.6 million, will support production expansion, sales efforts, and global commercialisation initiatives. This funding underscores the confidence of stakeholders in HITIQ’s growth trajectory in the concussion management arena.
Financial Overview
As of December 31, 2024, HITIQ reported cash reserves of A$668,000. The company aims to optimise its operational capabilities as it navigates its growth objectives amid expanding demand in the concussion management market.
Motley Fool contributor Abbie Stokes 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 Scott Phillips.
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