Proton Motor Power Systems PLC (AIM:PPS) shares fell another 23% to 0.25p after it said it no longer thinks company needs to be wound up but still plans to delist from AIM to cut costs
Last month, the designer of zero-carbon fuel cells said an orderly shutdown was the only option after funding talks failed.
But on Monday, Proton Motor said it saw potential in a new strategy of continuing operations on a significantly reduced cost basis.
The board is now "exploring the possibility" of this move, which will need to involve settling outstanding creditors apart from with banks under its debt facilities and cut the level of ongoing contractual obligations.
As a result of these requirements, it warned there was no guarantee that the board will be able to achieve this strategy.
Trading on AIM will not be "appropriate" on the reduced cost base, Proton Motor said, promising investors more information early next year.
"In the intervening period, the company has sufficient cash resources to continue to trade solvently, utilising the funding received under its debt facilities, together with the cash generated from operations and an R&D tax credit that is expected to be received in early 2025."