Catenae Innovation’s shares sank 50% to 0.2p on Wednesday following the request for ‘temporary suspension’ of shares trading on the AIM due to the company not being a position to complete the audit of their financial results.
The company also said a dispute had arisen around the acquisition for Hyperneph Software.
Catenae Innovation said they will not be able to release their audited financial statements by 31 March 2022 and request ‘temporary suspension’ of its shares trading on the AIM.
The company’s shares will suspend trading from 7:30 a.m. on 1 April 2022 until the company audited reports have been published. The audited reports are expected to be published around 29 April 2022.
The request for suspension came as Catenae Innovation announced a dispute with minority shareholders of Hyperneph.
Catenae said they would not be issuing new ordinary shares as part of the consideration for Hyperneph, or make the final cash instalment of £52,500.
Catenae Innovation acquired Hyperneph Software in May 2021 for a total consideration of £270,000, yet to be paid in full.