Equipmake Holdings PLC on Monday said it has entered discussions with multiple potential investors, partners or acquisition offerers, as it progresses its ongoing strategic review.

The Norfolk, England-based company is an electrification solutions developer for the automotive, aerospace, marine, construction and bus markets.

‘Discussions with these parties are ongoing as the board continues to work to deliver orders for existing customers and identifying new business to support the pathway to profitability in the mid-term,’ said Equipmake.

The strategic review, launched at the beginning of December, was to ‘plan for all eventualities’, as the group’s cash resources will only last until March if no offers are made.

The review in December followed Equipmake’s announcement that it had not yet received confirmation from an unnamed major automotive supplier as to when a new $6 million licence agreement may be entered into, if at all.

No further update on the licence agreement has been released since.

In October, Equipmake said its annual loss widened to £9.1 million from £5.0 million the year before, as expenses nearly tripled during its most recent financial year that ended May 31.

The group said on Monday that it remains debt-free, save for a number of equipment finance lease agreements.

Shares in Equipmake were untraded at 1.37 pence each on the Aquis Exchange on Monday morning.

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