Saietta Group PLC (AIM:SED) told investors it is to undertake a strategic review, including a formal sale process, as the company seeks to tackle a potential liquidity problem.
“Whilst the company's cashflow model shows positive cash balances to the end of March, the company's directors are becoming increasingly aware that certain contracted cash receipts may be withheld, therefore bringing forward the date, absent any further funding, on which the company can no longer solvently trade,” Saietta said in a statement.
“The board continues to believe in the quality of Saietta's products and the compelling market opportunity and accordingly remains hopeful that a solvent solution for the company can be found.
“The company will continue to look at all financing and other strategic options available and has a number of discussions ongoing.”
Saietta added: “Should the company not have made material progress with its formal sale process or with any other financing initiatives by the end of next week, the company may need to commence planning for an administration.”