Microsaic Systems PLC (AIM:MSYS) shares slumped 44% as it warned it will need to raise extra funds following the gloomy update from Deepverge, a partner and customer.
The mass spectrometry instruments maker is owed £1.35mln by its partner, receipt of any of which is “unlikely” it said after DeepVerge’s announcement today that it will sell, close or put all of its subsidiaries into administration.
Cash currently stands at £0.65mln, said Microsaic, and its latest accounts are being prepared on a going concern basis.
Orders have picked up since April but conversion of that pipeline and the speed and scale of revenue generation is uncertain, the company added.
Microsaic shares dropped to 0.1p.