Scottish battery maker Amte Power is going down and plans to enter administration as it has insufficient funds to continue trading.
It said in a statement to the London Stock Exchange on Tuesday that its advisers’ due diligence report had been delayed and, coupled with the holiday period, it had received an extension of completion date for a new share subscription agreement until 12 January 2024.
But a request to draw funds under a convertible loan facility had been turned down by Pinnacle, which is doing the due diligence.
Amte said in a statement: “The Board has no other options to secure finance in the time available and has therefore concluded that the Company has insufficient funds to continue trading and intends to appoint FRP Advisory as administrator of the Company.
“In the interim, FRP Advisory will manage an accelerated sale process to seek potential buyers of the business and assets of the Company.”
The board has requested that the company’s shares be suspended from trading on AIM market.
The company makes lithium-ion and sodium-ion battery cells for the electric vehicle industry and energy storage sector. It is planning a gigafactory in Dundee, Scotland