By Steve Moore | Monday 30 September 2024
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Previously writing on specialist automotive brake discs company Surface Transforms (SCE), in July with the shares up towards 2p I concluded ‘latest announcement detail suggests to me that risk is high – and follows I previously noting, with operational non-delivery, after arguing sufficient funding on a fundraising last year, less than six months later it was a further equity raise which it states was ‘needed’. That raised a gross £9.5 million and with it already “cash as at 30 June 2024 was £5.0m” and the amount of shares ‘confetti’ already in issue meaning a market cap of approx. £25 million, still currently avoid/sell’. The shares most recently closed at 1.45p… and now half-year results, and what about a currently crashing below 0.50p share price?
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