Shares in Falcon were trading 37% lower at
In October 2017, Falcon - a digital media firm - announced it had raised
The loan was raised in order to cover working capital during revenue delays created due to "contracts taking longer to sign than originally anticipated." The loan was sought to address the funding gap the delays had created.
At the time of the loan note issue, Falcon allowed one its main shareholders to delay payment whilst the shareholder "restructured its own position." The outstanding
There is no certainty, however, that the committed funds will be received by Falcon. As a result, Falcon is looking for "alternative sources of funding" to support its financial position.
Falcon emphasised it has made "good progress" towards commercialisation of its Q-flow technology. It is expecting to sign a "number" of new contracts in the near term.
On Monday, Falcon reported two non-executives had retired from the firm. Richard Baker - non-executive since June 2016 - retired in order to "concentrate on full-time responsibilities elsewhere." Edgar Wallner - non-executive since October 2017 - retired for "personal reasons."
