Bidstack Group PLC (AIM:BIDS, OTC:FTBGF) plummeted nearly 60% in Monday’s opening exchanges following the publication of a financial update and strategic review.
The in-game advertising company entered into a £2.4 million loan agreement with strategic investor Irdeto last October, but Bidstack today disclosed that Irdeto has not obtained the appropriate disclosures and requisite documentation from its parent company Multichoice.
Bidstack said it is “keen to continue to work with Irdeto as previously announced”, but the board “feels that it must also consider other funding alternatives”.
As a result, Bidstack has appointed restructuring advisers to look at all options for the future of the group, including a potential sale of the company's assets.
Shares were swapping for 0.24p at the time of writing.