Surface Transforms Plc (AIM:SCE) share price on Wednesday marked a rally, rising some 62% to 0.15p, from Tuesday's collapse.
It follows a more than 90% decimation on Tuesday, which saw the price move from around 2p down to a low of 0.09p, on the news that General Motors had notified the company it will re-source its supply of brake discs, terminating the relationship with Surface Transforms, effective from 31 March.
The AIM-listed carbon-ceramic brake disc maker said GM was its most significant customer, accounting for £15.3m, or 84%, of FY2025 revenue and 85% of discs sold, and that an existing supply agreement had been due to run until 2030.
Surface Transforms said it has not had the opportunity to speak directly with GM about the decision, but warned the contract loss has a “material impact” on its ability to trade.
The board said it will immediately engage restructuring advisers to protect stakeholders’ interests.