Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) has dismissed a report suggesting it needs to raise funds as cash reserves are running low.
In a statement, it said it took “such adverse media content allegations seriously” and was “satisfied it had enough cash reserves for at least the next twelve months”.
The waste-to-energy specialist's last financial update, for the year to end December 2022, said it had £3 million in cash and equivalents.
Shares in the group, which recently took an option on a medicinal cannabis grower in North Macedonia, rose 10% to 5.25p.