CMO Group PLC (AIM:CMO) shares crashed 80% as the online building materials retailer prepares to delist from London’s AIM market and re-register as a private company.
CMO said it had failed to secure additional funding while remaining publicly traded.
It is the latest business to join the exodus from the public markets, which has shown little sign of abating after a brutal 2024, which saw around 90 companies heading for the exit door.
The move is expected to cut costs and improve access to capital. CMO’s lending bank has agreed to provide further support.
A shareholder vote on 17 March will determine whether trading ceases on 27 March.
Backers holding 45.7% of shares have pledged support.
Chair Ken Ford and director Helen Deeble will step down.
January sales were down 15 per cent year-on-year, but management expects a market recovery later in 2025.
The stock was off 3.3p at 0.85p, valuing the business at less than £600,000.