Investors in mattress specialist Eve Sleep were not able to rest easy this week, as the stock dropped to 0.35p following a doubling of interim losses.
The sleep wellness brand’ also cautioned that it will require more money in October if there is no bid for the company, as management forecasts that cash reserves will be completely depleted by then despite cost-cutting measures.
The shares of Biome Technologies fell 54 percent to 73 pence following a warning that second-half revenues would be “much lower than originally projected.”
A lower-than-anticipated order from a U.S. customer hurt sales at Biome Bioplastics, the company’s core business, the company noted.
Deliveries to this client will also be impacted in 2023, with the impact on trade exacerbated by delays elsewhere resulting from disruptions in the raw material supply, logistical challenges, and general end-consumer concerns.
Tasty fell 28% to 3.6p as the restaurant company warned the cost of living crisis will affect second-half sales.
The owner of a Wildwood & dim sum restaurant stated that staff shortages and inflationary pressure on labor, food, and utilities were having a ‘significant’ impact even though sales increased by 85 percent in the six months preceding 26 June.
Overall, London’s markets had a difficult week, with the FTSE 100 and FTSE 250 falling 3% and 4%, respectively, and the AIM 100 falling 3.4%.
Positively, the past month has been profitable for investors in Atlantic Lithium, with the share price increasing by 39 percent before a significant announcement from the mine developer.
A new pre-feasibility assessment on the viability of the Ewoyaa lithium project in Ghana, West Africa, was released last Thursday.
It is safe to assume that the data exceeded the majority of people’s expectations, as seen by the 8% increase in the stock price on the day of the announcement.
Investors were informed that it would only take five months at full production to recoup the £110 million required to build the mine.
This, along with the asset’s eye-catching valuation of £1.2 billion, highlighted the immense potential of Royal.
Unlike many assets at this stage of the development cycle, the project is fully funded for production thanks to £90 million invested by Piedmont Lithium of the United States.
The largest installment, £62 million ($70 million), will fund construction work.
This is a good study for Ewoyaa as the team continues to de-risk the project, clearing the path for project funding and the beginning of development activities, according to SP Angel, a mining-focused corporate finance firm where industry veteran John Meyer serves as head of research.
Royal is one of the largest undeveloped hard rock lithium resources in the world, and we believe it is increasingly likely that Piedmont Lithium will continue to support the firm and contribute to capital expenditures to earn up to 50 percent of the project.
Ethernity Networks rose 45 percent to 15 pence after the virtual telephony hardware provider announced a US$4.6 million contract extension with an established Chinese client.
In October of last year, the first order with the broadband network operator (worth $3 million) was revealed.
Ethernity will provide system-on-chip devices to enable fiber-to-the-room deployments as an alternative to wi-fi as part of the deal.
Light Science Technologies climbed 11% to 7.4 pence after announcing the debut of its “very innovative solutions” for the controlled environment agricultural vertical farming business.
According to the company, whose motto is “grow more with less,” the products can produce £31.4 million in sales.
