(Alliance News) - Verditek PLC on Wednesday expressed the urgency of a fundraise in the next few months, as its cash resources become increasingly limited.
Verditek is a London-based producer of lightweight solar panels. Shares in the firm were trading 37% lower at 0.20 pence each in London on Wednesday morning.
Following a less-than-stellar set of interim results, Verditek said it would need to conclude some form of fundraising or recapitalisation in the next four to twelve weeks, due to limited cash resources. The exact timing of this fundraise will depend on the timing of a VAT refund from the Italian tax authorities.
The firm assured investors that it was exploring a number of options, including a collaboration with a potential strategic partner that would take a "significant stake" in the company, as well as a possible joint venture.
However, Verditek noted that there could be no certainty as to the outcome of these discussions.
For the six months to June 30, the firm reported revenue of GBP254,958 from GBP178,502 a year earlier. However, pretax loss widened to GBP970,989 from GBP636,798. Direct costs increased to GBP319,233 from GBP256,953, and administrative expenses jumped to GBP881,218 from GBP666,030.
By Holly Beveridge, Alliance News reporter
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