HeiQ PLC (LSE:HEIQ) shares tanked by two-thirds as the Swiss materials and hygiene technology company said it is to delist and try to sell all but its ventures' businesses.
Ongoing and significant challenges in textiles, flooring, and antimicrobials have prompted a cost-cutting to reduce overheads by 20%.
Even so, no improvement in demand in these core businesses is expected before the second half of 2025.
The Switzerland-headquartered company said facilities will be transferred to hubs in Portugal, the US and Thailand, while any money from divestments will be used to finance its three ventures (HeiQ AeoniQ, HeiQ GrapheneX and HeiQ Xpectra) and its Life Sciences business unit.
Following its warning last month that funding was needed, HeiQ added that it needs substantial financing for its AeoniQ venture following the launch of its first plastic-minimised sneaker with Hugo Boss.
GrapheneX and Xpectra are also close to hitting key milestones, but raising equity money for funding is being hampered by the low share valuation currently.
As a result, HeiQ intends to delist on 19 November 2024.
Shares fell 64% to 2p.