LONDON (Alliance News) - Shares in advertising technology company Phorm Corp Ltd were suspended on Thursday after the company said it had been unable to secure the third tranche of funding from its deal with Meditor European Master Fund Ltd.
Phorm entered into a USD2.75 million short-term loan agreement with Meditor in early February and has drawn down the first two tranches of the loan.
It was required to secure equity funding in order to draw down the remaining USD2.25 million of the loan but it has been unable to do, and therefore is not able to draw down the final funds.
Shares in the company have been suspended, and it said it has entered into talks to secure alternative financing to shore up its position.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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