LungLife AI Inc's (AIM:LLAI) shares plummeted 80% in early trading after the company announced plans to delist from AIM due to funding difficulties.
The lung cancer diagnostics firm had been in talks with potential strategic partners but now believes a key party is unlikely to make a binding offer. With just $1.31 million in cash at the end of 2024 and limited funding options, the company has decided that remaining on the public market is not viable.
LungLife will seek shareholder approval to cancel its AIM listing and explore other funding options. If no deal is secured, the business may be wound up.
The stock was off 8.17p at 2.08p, valuing the business at just shy of £1.6 million.