Shares in Mirriad Advertising PLC (AIM:MIRI, FRA:8WQ, OTCQX:MMDDF) fell 47% to 0.0029p after the AIM-listed virtual product placement company warned it will need to raise further funds before publishing its annual results, with cash standing at approximately £675,000 as of 27 March 2026.
Virtual product placement is a technology that digitally inserts branded products into video content after filming, allowing advertisers to reach audiences without traditional ad breaks.
The funding warning came alongside a trading update in which Mirriad said first-quarter sales had fallen short of expectations, with anticipated revenue from Ramadan advertising campaigns in the Middle East failing to materialise due to the conflict in Iran.
The shortfall represents a reversal from the company's January update, in which it described itself as cautiously optimistic about a potentially significant uplift in sales during February and March.
Mirriad said it had signed a services agreement with one of the UK's largest media conglomerates during the quarter, with the client currently in market testing a go-to-market campaign using its technology.