Defenx warns of shortfall by September
Defenx
1.60p
16:55 06/01/20
Smartphone security firm Defenx warned investors on Monday that the conversion of new corporate opportunities into firm orders was taking "even longer than previously anticipated".
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Defenx cautioned that it only had sufficient working capital to continue trading through to September.
As a result of the delays, Defenx revealed that it had entered into "advanced discussions" with BV Tech, its majority shareholder, to secure funding to assist it in meeting its working capital requirements.
Earlier in July, Defenx said that it was still yet to finalise the appointment of a chief executive.
Non-executive deputy chairman Raffaele Boccardo, BV Tech's founder, assumed the role of executive deputy chairman to assist current interim executive chairman Anthony Reeves.
As of 1115 BST, Defenx shares were untraded at 12.50p.