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A2 Corp, which markets milk products with a protein variant claimed to have health benefits, has indicated its capital structure is under review as the company considers growth opportunities.
The shares had been halted from trading pending a statement after a media report that it was seeking to raise as much as $200 million.
"Any review of the company and its balance sheet would clearly indicate that the sums recently speculated are significantly in excess of what the company or the market can or would contemplate," managing director Geoffrey Babidge says in a statement today.
A2 "continues to assess the company's optimal capital structure in light of its growth opportunities, including new opportunities that may emerge".
The shares climbed 1.5% to 68 cents when they resumed trading on the NZX, valuing the company at $411 million. The stock has more than doubled in the past 12 months.
In the year ended June 30, A2 raised a total of $7.7 million in equity capital, including $5.18 million in March in a share placement to AMP Capital Investors (New Zealand).
As at June 30 it had cash on hand of $6.6 million while holding to a strategy of carrying "little or no net debt whilst in a rapid expansion phase".
Last month, in announcing the results of a strategic review, the company confirmed it would continue to be "capital light," relying on partnerships to drive its growth into new dairy markets and categories.
The statement today reiterated last week's announcement that the company is in talks with the NZX about shifting its listing to the main board from the NZAX, a market for smaller companies and start-ups.
"A move to the NZX main board may provide greater liquidity and increase access to capital," Mr Babidge said last week.