Shares in the green fuel specialist Velocys PLC (AIM:VLS) dropped by almost three-quarters after the company said that it wouldn't be able to meet a deadline to complete a funding deal first mooted earlier this year.
While it is speaking to prospective strategic investors, it said no binding agreement is in place.
Velocys in an update confirmed it will require a cash injection before the end of the year.
At 9.01 am, the stock was changing hands for 0.28p, down 0.73p. At its peak, the stock was worth almost 13p.