SAIETTA, the group that aims to develop electric motors for buses, ships and scooters, said today it has appointed administrators after failing to find a buyer for the business.
It unveiled a “strategic review” in late February but told the stock market today that it “regrets to announce that it is not in a position to confirm a buyer for the business and has failed to secure additional funding of the scale and form required for ongoing business stability”.
Saietta says it has a mission to “clean the air in the world’s major cities”. Chairman Tony Gott said: “While we can confirm we've had some genuine interest, at present we do not have a proposal that provides the necessary liquidity in the time we have available, following the Company's commercial update of 13th February and the subsequent market reaction. “
The shares are down 98% in the last year to 0.62p today, which leaves it with equity of less than £1 million.
The statement added: “Whilst the company’s cash flow model shows positive cash balances to the end of March, the company’s directors are becoming increasingly aware that certain contracted cash receipts may be withheld, therefore bringing forward the date, absent any further funding, on which the company can no longer solvently trade.”
Saietta Group listed on the London Stock Exchange’s AIM in June 2021 in a move that it at more than £100m.
