Lithium-ion and sodium-ion battery cells manufacturer AMTE Power PLC (AIM:AMTE) has entered administration after failing to secure funding from an investor.
In a statement, AMTE said: “The board has no other options to secure finance in the time available and has therefore concluded that the company has insufficient funds to continue trading.”
FRP Advisory has been appointed as the administrator of the company, which will manage an accelerated sale process to seek potential buyers of the business and assets.
WH Ireland will resign as nominated adviser to the company upon the appointment of an administrator.
AMTE suffered a major blow to its market valuation following a hugely discounted keep-the-lights-on fundraise in September.
It had already slumped almost 50% in July after warning that its financing situation had become critical, with a solution needed “within days”.
At that point, AMTE warned that shares would be suspended if funding failed to materialise, with that warning becoming a reality today.