(Alliance News) - Auctus Growth PLC on Friday said its loss widened as it is still considering a suitable reverse takeover candidate.
The company, which is looking to make investments in corporate finance and investment brokers, reported pretax loss of GBP56,518 in 2019 compared to GBP47,708 loss a year ago.
Auctus explained that the loss for the year was predominately incurred as a result of operating costs associated with maintaining the company's Standard Listing.
As of December 31, the company had cash balances of GBP859,296 compared to GBP920,262 a year prior.
"I remain cognisant of our lack of performance in regards to securing a suitable reverse takeover candidate," explained Chair Malcolm Burne.
"The current macro environment is extremely turbulant amid the Covid-19 pandemic and sourcing equity capital for any potential transaction will be challenging. Given these difficult times the board are considering strategies for the future of the company," added Burne.
The stock was untraded in London on Friday, last closing at 23.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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