RE: He116 Nov 2023 11:58
Amte is a very risky play
15 November 2023
AMTE Power Plc
Financing Update
Further to its announcement (the "Announcement") on 10 November 2023, AMTE Power Plc (AIM: AMTE) ("AMTE Power", the "Company" or, together with its subsidiary undertakings, the "Group"), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, announces that it continues to progress, but has yet to conclude, the discussions referred to in that Announcement, which relate to an equity placement and a convertible loan note with the Equity Investor as described therein.
It remains the case that the Group has sufficient cash until week commencing 27 November 2023, however, on its own, this will not be sufficient to finance the Company through to satisfaction of the conditions and to completion of the Proposed Subscription of £2.5 million.
In the event that these discussions do not conclude positively it would be likely that AMTE Power would not be able to meet its financial obligations as they fall due, ahead of completion of the Proposed Subscription, and there would be no alternative other than for the Group to enter into administration or other form of insolvency procedure under which the prospects for recovery of value, if any, by Shareholders would be uncertain.
A further announcement will be made as soon as practicable.
The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.