(Sharecast News) - Bidstack, the struggling in-game advertising group, was forced to temporarily suspend its shares from trading on AIM on Monday after announcing administrators have been appointed following a failed sale process.
The company said it was suspending its shares "pending clarification of the company's financial position".
Bidstack, whose share price has dropped 61% since the start of 2024, 88% over the past year and 98% over the past five years, had been exploring a number of "funding alternatives" as part of a strategic review, which included a potential sale of its assets.
However, discussions failed to produce any "tangible solvent offers", despite consultants Alvarez & Marsal Europe LLP having approached "upwards of 200 potential buyers".
Meanwhile, there has also been no further progress with Irdeto, the strategic investor which it sought a £2.4m loan from last October that failed to materialise.
"Regrettably therefore, the board of Bidstack has resolved to file a notice of intention to appoint managing directors from Alvarez & Marsal Europe LLP as administrators to the company today," Bidstack said in a statement.
"The directors are taking this action to protect the interests of the group's creditors."
