15th Jun 2023 11:58
(Alliance News) - Amte Power PLC on Thursday said it continues to be in discussions relating to raising further finance with investors, adding that it must complete "some form" of fundraise in the next four weeks.
Shares in Amte fell by 72% at 14.25 pence each in London on Thursday midday.
Amte is a London-based developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications.
Back in December, the firm said it would need to raise additional capital by April to meet its then current operating costs.
In March, Amte drew down a GBP580,000 loan facility from Highlands and Enterprise, which is repayable after three years and incurs interest, after an initial 12-month interest free period, at 6.5% per annum.
In April, the company issued a second tranche for the drawdown of GBP1.0 million of a convertible loan facility signed with Arena Investors LP of around GBP3.9 million back in November.
Amte highlighted that there is no certainty of the outcome of its discussions with investors.
"Accordingly, in light of the company's reducing cash position, should the company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be uncertain," it cautioned.
By Sabrina Penty, Alliance News reporter
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