Shares in Verditek PLC (AIM:VDTK) plummeted 31% after the UK clean technology firm revealed its distribution agreement with Bradclad was terminated.
The move followed a lack of new orders since June 2022 and an announcement in October stating that Bradclad was engaging with another manufacturer.
Verditek has since received a notice of termination from Bradclad, which will take effect from 3 March 2023. The company is now taking steps to recover outstanding sums due under the agreement.
At 9 am, the shares were changing hands for 0.5p, down 0.23p.