The AIM-listed virtual product placement company says it may have to enter administration or liquidation in the near term after failing to secure fresh capital
Mirriad Advertising PLC (AIM:MIRI, FRA:8WQ, OTCQX:MMDDF), the virtual in-content advertising technology company, has warned it may be forced into administration or liquidation after efforts to secure emergency funding failed, sending shares down as much as 50% in early trading.
The company said trading conditions deteriorated sharply following the escalation of geopolitical tensions in the Middle East, particularly conflict involving Iran, which hit its key regional market during what should have been its busiest seasonal period.
Advertising spend has not recovered since, and efforts to diversify into other regions have progressed too slowly to offset the shortfall.
Performance from Mirriad's US joint venture partner has also been significantly below expectations.
The company implemented cost reductions in May 2025, cutting its monthly cost base to approximately £220,000, but has been unable to generate sufficient revenue to sustain operations.
As of 30 March 2026, Mirriad held cash of approximately £675,000 and said it would need to raise further funds before publishing its annual results.
No binding funding has been secured.
The directors said that, without an immediate capital injection, they must consider the interests of creditors and may have to commence a liquidation or administration process in the near term to effect an orderly wind-down.
Should that occur, trading in Mirriad's shares would be suspended.
At 9.30am, the shares were off their session low, but were still down 37% at 0.0019p, valuing the business at less than £180,000.