13th Nov 2013 12:11
LONDON (Alliance News) - Phorm Corp Ltd Wednesday saw its shares drop back after it said it knew of no reason for the big rise in the share price the previous two days, although it confirmed it is in advanced funding talks.
The stock was down 12.1% at 16.6 pence midday Wednesday, having risen from 13.125 pence at the start of trade Monday to a high of 19.917 pence Tuesday.
"Phorm, the personalisation technology company, notes the recent movements in the company's share price and, apart from the strong and continuing commercial progress previously announced, knows of no operational reasons for the price movement," it said in a statement.
In late September the company had warned that it would need to secure additional funding during the fourth quarter of the year.
"The company is in advanced discussions with a number of parties from both the US and the UK regarding such funding and will update the market on such funding in due course," it said.
By Steve McGrath; [email protected]; @SteveMcGrath1
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