Itaconix Plc (LON:ITX) has had trading its shares suspended on AIM with immediate effect, pending clarification of its financial position, as it has, as previously announced, a requirement for further funding.
In a brief statement, the speciality polymers maker said: “Whilst the Company has been, and continues to explore all funding and other options, there is no guarantee that a fund raise will be successfully concluded.”
It added: “In the event that the company is unable to raise such funding, the company will enter into some form of insolvency procedure.“
The group said that as a result of the requirement for further funding, it will not be in a position to publish its annual audited accounts for the year ended 31 December 2017 by 30 June 2018, as required by AIM rules, hence the trading suspension.
It added that further announcements will be made as appropriate.
At the end of May, Itaconix revealed that it is in the process of restructuring its UK subsidiary in order to focus resources on growing the revenue of its core products.
As part of the restructuring, Itaconix is consolidating most of its activities would be consolidated into its US operations, improving the link between product support and manufacturing.