Proton therapy cancer treatment developer Advanced Oncotherapy (LON: AVO) announced a strategic review. The share price recovered 66.7% to 4.375p – after being around its all-time low. A Nasdaq listing is being considered, which could involve selling the business to an existing Nasdaq company. There are no current discussions and cash is running out. Management hopes to obtain additional working capital by issuing more loan notes. That could extend the company’s cash until the end of May.
Kromek (LON: KMK) has secured an initial seven-year agreement with a manufacturer to develop CZT-based detectors for advanced medical imaging scanners. There will be a short development phase before commercial supply commences. A separate development collaboration with Analogic Corp covers medical imaging and security. Kromek also says its gross margins are improving as third quarter revenues increase and the mix of business changes. The share price increased 54.6% to 8.35p.
Supercapacitors manufacturer CAP-XX Ltd (LON: CPX) has completed the quality audit to supply German automotive components manufacturer Continental Automotive. The supply agreement starts in 2024 and lasts until 2030. The shares are 46.1% higher at 2.775p.
Intelligent Ultrasound (LON: IUG) shares jumped 44.1% to 10.45p, although that is low the high of 11.1p earlier in the week. Results were in line with expectations, but AI revenues are set to multiply. Intelligent Ultrasound could move into profit in 2024.
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Fallers
Business process outsourcing firm iEnergizer (LON: IBPO) plans to cancel is AIM quotation and a general meeting will be held on 16 May to gain shareholder approval. As EICR (Cyprus) owns 82.7% that is a formality. The lack of free float has hampered liquidity and the costs of the quotation outweigh any benefits. Management expects to leave AIM on 26 May. There are plans for a matched bargain facility. It appears that many smaller shareholders are selling – sometimes just one or two shares – and the share price has plunged 78.7% to 68p.
Woodbois (LON: WBI) slid 64.7% to 0.38p following news that the lender to its Denmark-based Woodgroup timber trading subsidiary has given notice on a $6m lending facility. The facility provided by Sydbank is fully drawn, but there is also $3.1m in cash deposits with Sydbank, which wants a refinance plan by the end of May. Premier Miton subsequently sold its 9.96% stake.
Environmental and life sciences technology company DeepVerge (LON: DVRG) says that revenues have been incorrectly recognised. That means that the 2022 figure will be 45%-50% lower than the £17.2m previously flagged. Some of the expected revenues have been delayed while others will not be recognised. The order book is more than £10m and this will be recognised in 2023 and 2024. There is £1m in the bank and more funding will be required. The share price dived 60.3% to 0.575p, which is a new low.
Echo Energy (LON: ECHO) reported lower gas production in the first quarter of 2023 due to maintenance. Net liquids production and sales was also lower because fuel oil stocks were high in Argentina. This has led to a reduction in cash, and it will be difficult to raise cash from a share issue. The share price slumped 56% to 0.0286p.