Aptamer Group PLC (AIM:APTA) shares plummeted by 48% following the company's announcement of a £3.6mln fundraising plan which means the business is no longer for sale.
New shares are being bought for 1p each, a 79% discount to Friday's closing price, giving new investors over 84% of the company, a specialist in Optimer binders used by the life sciences industry.
As part of the restructuring plan, Aptamer said it will focus on breaking even within two years. This will lead to wholesale cost cuts.
Chairman Ian Gilham and interim CEO and CFO, Rob Quinn, are exiting. Founder Arron Tolley will be reappointed as chief technical officer while Steve Hull will replace Gilham.
The stock, off 95% year-to-date, fell 2.3p to 2.45p in the first hour of trading.