31st Dec 2019 13:09
(Alliance News) - Cash-strapped Amphion Innovations PLC on Tuesday said its shares will be cancelled from AIM on January 2, as it is yet to publish its 2018 full-year results.
The former medical, life science, and technology business developer, became a cash shell in November after selling its holding in Polarean Imaging PLC for USD2.6 million
In late-June, Amphion warned that it would not be able to publish its results for the year ended December 2018 by the June 30 deadline. As a result, its shares were suspended from AIM trading.
This kick-started a six month deadline for the company to publish the belated results or face its shares being cancelled.
What's more, the company said it remains "highly cash constrained" and is yet to secure more funds.
Amphion said: "Despite efforts of the directors the company has not been able to secure additional funding in time in order to provide clarity over the company's going concern status within this timeframe. Those efforts will continue into the new year and the board looks forward to making a positive announcement about the company's future early in the new year.
"The board is considering a number of possibilities for the company, which include a potential application for the ordinary shares to be admitted to trading on AIM at a later point in time."
By Eric Cunha; [email protected]
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