Hardide PLC (AIM:HDD) shares slid by a third as the engineering group warned that this year has got off to a slow start with customers destocking.
Cash reserves have been depleted and new debt and equity funding will be needed to help tide it over to satisfy cash constraints by early March, the statement added.
It adds up to a difficult start for new interim chief executive Stephen Paul, who has been a consultant with the company for some months.
He begins his new role on Monday.
Shares dropped 31% to 6.75p.