In recent months the company has been faced with a precarious financial situation. In July, the company warned it was on the brink of collapse unless it could secure investor backing for a recapitalisation plan. Last week, the firm managed to raise £2.1 million before expenses by placing shares at 1.7 pence each. It also announced plans for a retail offering to raise an additional £250,000 before expenses.

Shares were suspended at 2.24 pence, a drastic drop from their initial floatation price of 175 pence in 2021, which had valued the company at £61m.

The LSE announced the suspension due to “deterioration in settlement performance” following the issue of new shares, which were conditional upon shareholder consent. The decision was implemented under Rule 1510 of the LSE’s regulations. Settlement of outstanding transactions can still proceed while the shares remain suspended. No further updates have been provided by the exchange or the company as of yet.

Currently, AMTE Power is in talks with a potential equity investor for an initial investment of £2.5m, expected to be finalised in the coming weeks following due diligence. The company told investors in a statement last week that the funds from the recent placing and the retail offering are intended to buy the company more time while negotiations are ongoing.