Proton Motor Power Systems PLC reported on Monday it still intends to cancel its shares from trading on London’s junior market.
The London-based hydrogen fuel cell developer in November announced plans to wind down the company and seek delisting approval.
This follows Proton’s failure to secure additional funding, after the company’s principal lender said working capital requirements would not be supported beyond December 31. Proton reported liabilities of £143.1 million at June 30.
Proton shares were down 18% at 0.27 pence each on Monday morning in London.
Monday’s update notes the company may continue operating if costs are ‘significantly reduced’. This would require settlement with various creditors, Proton said, as well as minimising ongoing contractual obligations.
The company maintains its intention to delist, regardless of whether or not it commits to a full wind-down. Proton expects to update on the exit proposal in early 2025.
Until then, the company’s cash resources will support solvent trading, it said. These include funding from debt facilities, cash from operations and a research & development tax credit expected to arrive early 2025.
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