AMTE power has bit the bullet and filed for administration this week, bringing a seemingly inevitable end to the lithium-ion and sodium-ion battery cell manufacturer's travails.
In a statement, the group said it had appointed FRP Advisory after failing to secure funding from an investor.
“The board has no other options to secure financing within the time available and has therefore concluded that the company has insufficient resources to continue trading,” the report said.
An artist's representation of a new factory that AMTE Power wanted to build in Dundee
FRP will manage an accelerated sales process to identify potential buyers of the business and assets, and WH Ireland will step down as appointed advisor to the company.
Earlier this year, AMTE took a major hit to its market valuation after a heavily discounted keep-the-lights-on fundraiser in September.
The country had already fallen by almost 50% in July after warning that the financing situation had become critical and a solution was needed “within days”.
At the time, AMTE warned that the shares would be suspended if funding was not forthcoming, and that warning became reality today.
Investors didn't really know what to make of the half-year results of banknote printer De La Rue.
De La RueThe company's shares initially fell on Tuesday as it reported a wider pre-tax loss gap and a year-over-year decline in operating profit.
Yet this was actually above expectations, and De La Rue backed his full-year forecast of an operating profit of around £20m.
Shares closed 16% higher on Friday as investors digested the mixed signals.
Bidstack group however, was the MVP. The in-game advertising specialist doubled its share price on Friday after announcing the settlement of a legal dispute with partner Azerion.
Azerion has agreed to pay €3 million to Bidstack, with the companies planning to have a new partnership operational by 2024.
It seemed amicable enough, with James Draper of Bidstack stating: “Bidstack and Azerion will move forward together after extensive discussions to resolve any outstanding disagreements.
Sebastiaan Moesman of Azerion added: “We are pleased to announce both the settlement of all past disagreements and a new commercial alliance between our companies in the future.”
'Tis the season to be jolly, after all.
The FTSE AIM-All-Share Index was also in festive mood, adding 170 basis points (1.7%) to end the week above 751.
The junior market just managed to beat the FTSE 100, with the blue chip index closing 164 basis points higher.
Even the fear of a recession did not dampen the mood.
Data released on Friday showed the British economy contracted in the third quarter, raising the risk of a mild recession.
Britain's gross domestic product is estimated to have fallen 0.1% between July and September, revised down from an initial estimate of no growth, the Office for National Statistics said.
However, equities managed to buck fears, likely due to the surprisingly large decline in inflation to 3.9% annualized in November, as announced mid-week.
smallBuild, developer of the popular survival horror game series Hello Neighbor, gained more than 90% after announcing a $14 million (£11 million) equity round on Thursday. The offer of 5 cents per share represented a premium of almost 100% over Wednesday's closing price.
In heavy industries, Angus Energy shares rose more than 21% on Wednesday after the oil and gas company announced a deal to refinance its £20m worth of debt.
End-of-week trades cooled off a bit, but Angus still managed to end the week 10% higher.
Petrofac shot up 60% as shorts cashed out their positions after the oil and gas installation specialist announced another big order.
Petrofac is one of the most shorted companies in the London market due to its massive debts, a series of profit warnings and a series of bribery scandals.
However, this week's announcement of another $1.4 billion contract with TenneT suggests the mood could be changing.
N4 Pharma plc was a top player in the biotech sector, with shares rising more than 12% after the company announced the successful oral delivery of its Nuvec particle with a DNA plasmid.
Finally shares in gene drive skyrocketed nearly 20% this week after the company announced a large number of international orders for its antibiotic-induced hearing loss test.
Orders have been received from France, Austria, Greece, Saudi Arabia, Turkey and the Netherlands for the MT-RNR1 test, genedrive announced, following recent commercial distribution agreements.
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