14th May 2025 21:57
Mirriad Advertising PLC - London-based in-content advertising and virtual product placement company - raises GBP1.5 million via placing with existing and new investors at 0.01 pence per new share. In addition, plans to raise GBP200,000 via retail offer at the same price. On Tuesday, Mirriad explains the fund raise will prove working capital. In addition, it plans a significant reduction to its cost base and changes to its operating model, in order to enable it to continue to trade as a going concern. Mirriad plans to cut monthly cost base to GBP250,000 from GBP650,000-675,000. This includes a 40% cut in headcount. As part of the cost rationalisation exercise, and conditional on completion of the Fundraise, Stephan Beringer will step down as chief executive and Louis Wakefield will be appointed as CEO designate. Read More
