AFC Energy PLC (LON:AFC) has raised £1.4mln of new capital to boost financial liquidity so that the business is protected in the event of a prolonged coronavirus (Covid-19) pandemic.
An existing institutional shareholder is the sole participant and it is subscribing for 14mln new shares, priced at 0.1p each. The price is marked at an 18.7% discount to Friday’s closing price in London.
AFC last week unveiled several measures designed to help mitigate the impact of the coronavirus outbreak.
READ: AFC Energy takes steps to combat coronavirus impact
The hydrogen power specialist said it is in regular contact with partners and its supply chain, particularly key industrial partners such as the Industrie De Nora headquartered in Italy, regarding their preparedness for the virus and was “reassured” by actions that have been put in place.
It also said it is implementing several government recommendations for its staff, customers and partners around the avoidance of non-essential travel and preparation for working from home.
"The consequential impact of COVID-19 at this stage is impossible to fully predict, however, we are taking all actions to ensure the effect of any delays on manufacturing and system deployment are mitigated to the greatest extent possible," AFC chief executive Adam Bond said in a statement on 19 March.