Ignite (IGN:ASX),  the Australian recruitment firm, announced its securities will halt trading at its request. The group said the halt comes as an announcement is pending regarding the outcome of the institutional component of the accelerated entitlement offer.

Unless ASX decides otherwise, the securities will remain in a trading halt until the commencement of normal trading on 27 November 2023.

An entitlement offer is an offer to purchase a security or other asset that cannot be transferred to another party. An accelerated entitlement offer means that the amount of time that a shareholder has to decide is reduced.

Earlier this week, the company provided an update during its Annual General Meeting, stating gross profit during the first four months ended 31 October 2023 fell by 11% compared to the prior year period.

Ignite maintained that it traded profitably for the first four months of FY24 and expects to improve year-on-year net profit significantly.