Proton Motor Power Systems PLC (AIM:PPS) saw its share price plummet 42% after announcing it would wind down operations due to failed financing talks.
The company, which designs and produces zero-carbon fuel cells, revealed that discussions with a potential German industrial partner had collapsed, leaving no viable path to secure funding.
The company had previously warned that without additional cash, it could not operate beyond December 31.
Despite ongoing efforts to find alternative sources of investment, Proton Motor’s board concluded that an orderly shutdown was the only option.
The company also plans to delist its shares from AIM, subject to shareholder approval. Proton Motor’s net liabilities stood at £116 million as of June 30, casting doubt on any potential returns for shareholders.
The stock was down 0.18p at 0.25p.