(Alliance News) - Shares in Quadrise Fuels International PLC fell on Tuesday as it confirmed it is considering equity funding to keep going past early October.
The stock was down 25% on Tuesday afternoon at 4.70 pence a share.
Quadrise said "significant" progress has been achieved so far in 2019, with a number of new partnerships agreed in countries such as Mexico, Saudi Arabia, China, and Kuwait.
Quadrise has sufficient cash to keep operating until early October, it said, but added: "The company confirms it is now seeking equity or equity-linked funding to enable the company to continue with its business development initiatives beyond early October with a view to capitalising on recent business development progress and, ultimately, to delivering commercial projects."
Quadrise is developing MSAR, which it promotes as a low-cost alternative to heavy fuel oil.
