Verditek in discussions to raise urgent cash, shares plummet

AIM-listed Verditek saw shares plummet on Wednesday after the solar panel group said it was exploring a number of urgent financing options as it is running out of money.

The company said it has "limited cash resources" and will need to undertake "some form of fundraising or recapitalisation within the next four to 12 weeks".

However, this depends on the timing of a VAT refund from the Italia tax authorities, Verditek said.

"The company is actively exploring a number of options. In particular, the company is in discussion with a potential strategic partner, active in the solar energy space, concerning a possible collaboration including taking a significant stake in the company and a possible joint venture," the company said in a statement.

"However, whilst active discussions are ongoing, there can be no certainty as to the outcome of these discussions."

The stock was down 21% at 0.25p by 0931 GMT, having briefly touched an all-time low of 0.15p earlier on.