Shares in Celadon Pharmaceuticals PLC (AIM:CEL) dropped 17% on Monday after the UK-based cannabis medicines company said it would miss the deadline to file its annual accounts, triggering a trading suspension from 1 July.
The company also signalled its intention to delist from London’s junior AIM market following a fresh £1 million secured loan, part of a wider funding effort that includes talks over a possible £20 million convertible loan.
That deal, if agreed, would require Celadon to become a private company.
Celadon said the new debt should fund operations into late 2025.
Operationally, the company said regulatory delays in Denmark had slowed progress on a European supply contract, although exports are now expected to begin in the fourth quarter.
A UK product launch is targeted for the third quarter, and Celadon recently made its first shipment to the United States.
Trading will resume once the audited results are published.
Ahead of the suspension, the stock was off 1.91p at 9.59p.