Shares in MMirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) jumped 8% on Thursday morning after the company said talks with potential investors about a lifeline fundraise were still ongoing.
The in-content advertising specialist said it had received initial indications of interest from some investors willing to support a possible equity raise, but cautioned there were no guarantees that any funding would materialise.
The rally comes after a bruising week in which the stock has plunged 65%, amid growing fears over the company's ability to survive. Mirriad reiterated that without fresh capital, it would likely be forced into administration, with its shares suspended.
Alongside the fundraising effort, the board said it is exploring further cost-cutting measures to stretch its financial runway and improve long-term viability, should new funds be secured.
Strategic and operational alternatives are also under review. The company said further updates would be provided “in due course.”
The shares were changing hands for 0.038p, valuing the business at less than £400,000.