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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 £254,958 from £178,502 a year earlier. However, pretax loss widened to £970,989 from £636,798. Direct costs increased to £319,233 from £256,953, and administrative expenses jumped to £881,218 from £666,030.
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