The board of blur Group PLC (LON:BLUR) has told investors that it won’t be able to publish its full-year results before Friday’s deadline as talks are still ongoing with potential investors.
The e-commerce enabler said that it isn’t able to sign-off its results for the year ended 31 December until it has more definitive news on this potential funding.
Under AIM rules, companies have six months to publish their audited final results, which in this case is 30 June (Friday).
As blur will likely miss this deadline, its shares will be suspended until it signs off on its accounts in compliance with AIM rules.
On the lookout for new sources of funding
On Friday, blur told investors that its cash burn in 2017 has been running about US$1mln per quarter but that the company only had cash balances at US$1.14mln at 31 May.
It has sounded out investors over new finance but said the conditions attached were too onerous so it is currently evaluating alternative near-term funding sources.
This is expected to take another few weeks, but without new funds Blur warned that action would be taken to protect the interests of creditors, which could result in the value attributable to shareholders being severely reduced.