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The Company had cash reserves as at 31 December 2023 of A$0.3m - That's Β£155,497 WoW
No money! Just switch off the lights now!
Most traders enter and exit with profits, and if you stay too long, you'll be left holding the baby.
Some traders are going to get locked in today!
Buy next week for dirt cheap after placing RNS and Never become attached to any share on AIM.
Most traders enter and exit with profits, and if you stay too long, you'll be left holding the baby.
The Company had cash reserves as at 31 December 2023 of A$0.3m - That's Β£155,497 WoW
No money! Just switch off the lights now!
The Company had cash reserves as at 31 December 2023 of A$0.3m and an unused line of credit of approximately A$1.5m. In that announcement, the Company's Chairman also stated that the legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments had resulted in the Company's adjusted EBITDA remaining negative and the Company's cash position being tight and that the Board was managing the Company's cashflows carefully.
13 March 2024
CAP-XX Limited
("CAP-XX" or the "Company")
Corporate update
CAP-XX, a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update in relation to its working capital position.
On 1 February 2024, CAP-XX announced its interim results for the six months ended 31 December 2023 ("Interim Results"). In the Interim Results announcement, it was stated that the Company had cash reserves as at 31 December 2023 of A$0.3m and an unused line of credit of approximately A$1.5m. In that announcement, the Company's Chairman also stated that the legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments had resulted in the Company's adjusted EBITDA remaining negative and the Company's cash position being tight and that the Board was managing the Company's cashflows carefully.
Despite these efforts, the Company's working capital position has continued to deteriorate. This is due to a combination of (i) higher than anticipated legal costs associated with the Company's patent infringement litigation; and (ii) revenue and cash receipts for the first eight weeks of the current calendar year being lower than expected, despite the encouraging order book. In addition, the revolving line of credit associated with the Company's R&D facility is fully drawn down to the extent that expenditure has currently been incurred.
As a result of this, the Board has been exploring raising additional financing. The Board has considered debt and sale/leaseback structures but has established that these are not available to the Group. The Board has also been exploring raising additional equity financing and these efforts continue. However, this process is taking longer than anticipated and, whilst the Board has continued to manage CAP-XX's working capital, the Group is now in a highly constrained financial position as highlighted above and requires additional financing by the end of this month.
There is no guarantee that an equity financing will be achievable and, in the absence of any additional financing being available, the Board would have to take steps to preserve and maximise value for its creditors and should the Company fail to achieve a solution in the short term, the Board would have no option but to place the Company into administration. In this eventuality, it is not known how much, if any, value would be returned to shareholders.
A further update will be provided in due course.
The lights won't be on...no money
Roger65 spiked again, brilliant!
Evaporating.
Hope people donβt get spiked, well done who made profits, profits are only profits till banked
RNS: https://www.lse.co.uk/rns/CPX/corporate-update-box5700smp8piox.html
The survival of CAP-XX depends entirely on securing additional funding. The outcome remains uncertain.
If CAP-XX goes into administration.
CAP-XX's current situation makes it an extremely risky investment. There is significant chance shareholders could lose some or all of their investment.
RNS: https://www.lse.co.uk/rns/CPX/corporate-update-box5700smp8piox.html
CAP-XX is in a critical financial position with very limited cash reserves and immediate need for additional funding.
Weaker than anticipated revenue and cash receipts at the start of the calendar year and Fully exhausted credit facility for R&D expenses.
Explored debt and sale/leaseback options, but these are not viable for the company.
Actively seeking equity financing, but the process is taking longer than expected.
If CAP-XX cannot find additional financing by the end of the month, the company may be forced into administration, potentially resulting in minimal to no value returned to shareholders.
All the derampers aka traders are all locked in today.
Roger (this is for you),
Dismiss it at your peril. Do NOT put more dosh in this than you can happily lose. It's a total punt and as of today I'd personally say it's more like 65/35 odds against a good outcome. the odds get even longer.
Back to RED. Our good Doc is offloading now.
I do have L2 and back order book access.
You only make money if you sell at the right price before the upcoming drop. If you get too greedy and hold on too long, the traders and pumpers will dump the stock, and all the newbies will be left holding the bag.
Just make sure to sell before the pumpers dump.
It took me over 30 mintues to sell my 10k worth. Very hard to sell.
Sharebel, Don't get spiked pal!.
This stock is not good for trade.