(Sharecast News) - Specialist battery cell developer Amte Power updated the market on its financing situation on Thursday, having disclosed in December that it would need additional capital by April to cover its operating costs at the time.
The AIM-traded firm had announced on 31 March that, to address that funding need, it had secured a new loan facility totalling £0.58m.
Subsequently, on 25 April, it disclosed that it had drawn down £1m under its convertible loan facility in a bid to bolster the company's financial position and ensure its continued operations.
However, despite those initiatives, Amte said it remained engaged in discussions with potential investors to secure further financing.
The board said it was imperative for it to conclude a fundraising agreement within the next four weeks, at a minimum.
While the discussions are actively ongoing, it said there was currently no certainty over the outcome or success of the negotiations.
"Accordingly, in light of the company's reducing cash position, should the company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be uncertain," the board said in its statement.
"Further announcements will be made as and when appropriate."
At 1159 BST, shares in Amte Power were down 72.55% at 14p.
Reporting by Josh White for Sharecast.com.
