LED lighting fixtures firm PhotonStar LED Group PLC (LON:PSL) has announced the resignation of chief executive James McKenzie alongside plans to wind down its internet of things subsidiary and a £175,000 equity raise.
McKenzie, a co-founder of PhotonStar, has stepped down with immediate effect after 12 years in the role. It follows the departure of chief technology officer, Dr Majd Zoorob, last week.
The group also said it has reviewed the current trading of its PhotonStar Technology subsidiary and believes it is “appropriate” for the business to cease trading and be wound down.
“Consequently, pursuant to Rule 15 of the AIM Rules for companies, the company will seek, subject to shareholder approval, to become an AIM Rule 15 cash shell,” it said.
READ: Photonstar LED raises £100,000 via placing to provide additional working capital, further strengthen its balance sheet
PhotonStar Technology develops the group’s flagship cloud-based wireless building management technology, halcyon.
PhotonStar has raised £175,000 through the placing of 1.75bn new ordinary shares and plans to use the proceeds for working capital, to strengthen the balance sheet and to provide headroom to evaluate new business opportunities.
The company raised gross proceeds of £100,000 via a placing earlier this month.